Beware Of Gold’s Move To $1,250, All Eyes On U.S. GDP Figure Next Week – by Anna Golubova (Kitco News – April 18, 2019)

https://www.kitco.com/

(Kitco News) – Raging risk-on sentiment continues to keep gold prices down and analysts are worried that things could get worse before they get better.

Gold prices struggled through a major sell-off this week, falling 1.4% and touching a four-month low. June Comex gold was trading flat on the day on Thursday, last seen at $1,275.20.

Better-than-expected retail sales played a significant role, revealing improved consumer sentiment, with the best results since September 2017.

U.S. retail sales rose a solid 1.6% in March, following a drop of 0.2% in February, according to the latest data from the U.S. Commerce Department. Economists were expecting to see an increase of 0.9% in the last month’s headline number.

“The retail sales number sits within the general recent tone of data and has been a bit more positive after all the signs of weakness. It certainly provides reassurance that we are a long way from that for now,” Capital Economics U.S. economist Andrew Hunter told Kitco News. “That said, consumption growth still looks to have been very weak.”

For the rest of this article: https://www.kitco.com/news/2019-04-18/Beware-Of-Gold-s-Move-To-1-250-All-Eyes-On-U-S-GDP-Figure-Next-Week.html

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