Gold slips on strong US retail data, equities rebound

Gold fell on Monday, moving further off the key $1,300-per-ounce mark it briefly surpassed in the previous session, as global equities rallied following last week's slide with stronger-than-expected U.S. retail sales allaying some fears of an economic slowdown.

Spot gold was down 0.43 percent at $1,292.42 per ounce at 2:30 p.m. ET. , while U.S. gold futures settled $8.20 lower at $1,291.10. 

"Retail sales were better, which means the economy isn't necessarily slowing as quickly as some have suggested," said Bart Melek, head of commodity strategies at TD Securities in Toronto. U.S. retail sales rose 0.2 in January, surprising economists who expected it to remain unchanged. 

The data could prompt a less dovish stance from the U.S. Federal Reserve, Melek added. Fed Chairman Jerome Powell on Sunday emphasized he would be closely monitoring how a slowing global economy affects conditions in the United States in order to decide the future of its interest rate trajectory.

Spot prices hit $1,300.61 on Friday, but quickly dipped back below the $1,300-per-ounce threshold. 

Source Link:

https://www.cnbc.com/2019/03/11/gold-markets-dollar-moves-growth-outlook-in-focus.html