Gold Futures Prices Sinks to 2-Week Lower After Host of U.S. Data

Gold Futures Prices Sinks to 2-Week Lower After Host of U.S. Data

Prices of US gold futures sank to two weeks, a new low in Thursday trade as investors digested the liberation of a host of economic data from the United States.

Gold for December delivery on the Comex Exchange touched a daily low of $1,313.15 a troy ounce, a level not seen since September 2.

Meanwhile, Spot gold was trading lower 0.08 per cent at $1,321.60 an ounce in Singapore.

Previously published data showed that retail sales in the US fell for the first time in five months, fueling concerns about economic prospects.

DOC said retail sales dropped by 0.3% from the previous month, compared to an estimate of a decline of 0.1%. by underlying retail sales, excluding car sales fell unexpectedly by a seasonally adjusted 0.1% in August, compared with forecasts of an increase of 0.2%.

Another report published simultaneously showed that wholesale prices remained stable in August, mainly due to a sharp drop in the cost of food and gasoline.

In futures trading at the Multi Commodity Exchange, gold for delivery in far-month was trading higher by Rs 54, or 0.17 per cent, to Rs 31,220 per 10 grams, as speculators raised their bets even as metal weakened overseas.

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