Gold slumped lowest after retail sales, jobless claims data, SPDR holdings shrink

Gold slumped lowest after retail sales, jobless claims data

Prices of gold futures dropped to the lowest levels of the session on Thursday as equities rallied and investors continued to monitor the dollar address, while the digestion of the latest series of economic figures for the United States in its search for measuring the metal’s appeal.

In addition, assets in the world’s biggest exchange-traded product backed by gold slumped to the lowest since the start of the financial crisis.

On the Comex, gold futures for August delivery shed 0.7 percent to $1,177.80 an ounce.

Global holdings in gold-backed ETPs dropped to 1,586.9 tons on Wednesday, the lowest since 2009, according to Bloomberg data.

The United States Department of Commerce, said retail sales rose 1.2% last month, surpassing of expectations of a gain of 1.1%, while retail core, which exclude auto sales, they increased by 1.0%, compared with forecasts of a 0.7% increase.

A separate report showed as the number of people applying initial unemployment benefits rose 2000-279000 last week. Analysts had expected initial unemployment claims will remain unchanged at 277,000 last week.

The greenback index, which measures the US currency’s strength against major currencies, was quoted at 95.07, up 0.45% from the previous close of 94.646.

The rupee ended at 63.97 per dollar, down 0.21% from its previous close of 63.84, erased the morning gains against the US dollar on Thursday, tracking weakness in the local stock markets.

At Multi Commodity Exchange, as speculators trimmed positions, tracking a weak global trend, gold for delivery in August fell by Rs 49, or 0.18 per cent to Rs 26,922 per ten grams.

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