Gold Prices Hits Lowest in Almost 2 Weeks After Weak U.S. Retail Sales Data

Gold Prices Hits Lowest in Almost 2 Weeks After Weak U.S. Retail Sales Data

Prices of  gold futures came off the lowest levels of the sessio in almost two weeks on Tuesday ahead of a Fed’s meeting that is expected to give clues on the pace of future US rate rises, underlining concerns over the economic outlook.

Gold for April delivery on the Comex Exchange was down $8.40, or 0.67%, at $1,236.50 a troy ounce.

Spot gold fell to $1,225.70 an ounce, its lowest since March 2, in earlier trade and was down 0.2 per cent at $1,232.90.

The US DOC said retail sales dropped 0.1% last month, while January sales were revised strong downward to show a decline of 0.4% instead of a modest increase.

Separate reports showed the conditions of production in New York expanded for the first time in eight months in March as new orders and shipments improved, while the wholesale price fell 0.2% in February for the fifth fall in seven months, largely due to lower gasoline and food prices.

Now investors focused their attention on the monetary policy meeting two-day Federal Reserve should begin later in the day. The Fed is not expected to make a decision on interest rates at the conclusion of its policy meeting two days on the Wednesday.

Fed Chairman Janet Yellen is to perform what will be a conference tuning close press 30 minutes following publication of the Fed statement, because investors looking for any change in tone of the economy or future increases rates.

The central bank will also announce its latest projections for growth and rates of economic interest.

The greenback fell 0.1 percent against a basket of major currencies, after falling against the yen after the Bank of Japan kept constant policy as expected at the conclusion of its policy meeting two days.

At indina Delhi market, Standard gold (99.5 purity) dipped by Rs 320 to end at Rs 28,765 per 10 grams from Monday’s level of Rs 29,085.

Pure gold (99.9 purity) also moved down by a similar margin to conclude at Rs 28,915 per 10 grams from Rs 29,235.

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