SHINOBI - XAUUSD: Gold market will rise slightly
World gold price this morning continued to decline slightly with spot gold down 5.2 USD to 1,901.6 USD/ounce. December gold futures last traded at $1,933.4 per ounce, down $10.6 from the previous morning.
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
Intraday US data points reported that retail sales for July increased by 0.7% compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
Chinese economic data released yesterday showed disappointing results. That dampens metal prices as Chinese demand is showing signs of slowing down. Slower growth was seen in industrial output and consumer spending. The National Bureau of Statistics said domestic demand remained "insufficient" and "the economy still needs to be recovered".
Gold prices are trading at a five-month low, under selling pressure even as the New York Federal Reserve reported a sharp drop in activity in the region's manufacturing sector.
Intraday US data points reported that retail sales for July increased by 0.7% compared to June, which was a surprise and well above market expectations. The report is a hawk on US monetary policy and is key US data ahead of next week's annual Fed symposium in Jackson Hole, Wyoming.
Chinese economic data released yesterday showed disappointing results. That dampens metal prices as Chinese demand is showing signs of slowing down. Slower growth was seen in industrial output and consumer spending. The National Bureau of Statistics said domestic demand remained "insufficient" and "the economy still needs to be recovered".
Comment:
According to the latest data from the US Department of Commerce, retail sales increased by 0.7% in July, far exceeding initial market expectations. This is a strong growth compared to data that increased 0.3% in June. Even core sales increased by an impressive 1%, beating expectations of 0.4%.
