Gold Futures Prices Tumbles to Session Lows After U.S. Retail Sales Data

Gold Futures Prices Tumbles to Session Lows After U.S. Retail Sales Data

On the Comex Gold futures for December delivery shed $9.40, or 0.84%, to trade at $1,114.20 a troy ounce. Image Source:

Prices of gold futures fell to the lowest levels of trading on Thursday after data showed that retail sales in the US rose more than expected in July, increasing optimism about the vigorous economy and support the case of higher interest rates.

On the Comex Gold futures for December delivery shed $9.40, or 0.84%, to trade at $1,114.20 a troy ounce. Spot gold lost 0.34 per cent to USD 1,121.70 an ounce today in Singapore.

The United States Department of Commerce, said retail sales rose 0.6% last month, surpassing the expectations of a gain of 0.5%. June retail sales were upwardly revised to a flat reading from an earlier reported decline of 0.3%.

The increase in retail sales over time correlates with higher economic growth, while weaker sales show sinking economy.

Underlying retail sales, which exclude sales of cars, rose 0.4% in July, matching forecasts. Car sales in June rose 0.4%, whose figure was revised down from a previously reported 0.1%.

Core sales are per most closely with the component of consumer spending in the GDP report from the government. Consumer spending accounts for up to 70% growth of the economy.

Amid a weak trend overseas, the Multi Commodity Exchange, gold for delivery in December eased by Rs 142 or 0.54 per cent to Rs 26,090 per 10 grams.

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