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Gold Scores a Bounce After Cooler-Than-Expected Retail Sales Report


Wednesday, 16 October 2019 20:58 WIB

GOLDEMAS


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Gold prices were climbing on Wednesday as investors watched global political news surrounding trade, Brexit and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying.

A report of the retail sales fell 0.3% last month, the government said Thursday, ending a streak of six straight strong gains that helped to fuel economic growth in the middle of the year, as most stores posted lower receipts, signaling that a widely expected slowdown in consumer spending is under way.

Gold for December delivery on Comex rose $10.80, or 0.7%, to reach $1,494.10 an ounce, after declining 0.9%, with prices for the most-active contract logging the lowest settlement since Sept. 30, according to FactSet data. December silver meanwhile, was adding 5 cents, or 0.3%, to $17.440 an ounce, after a 1.8% decline on Tuesday.

Source : Marketwatch


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