Gold little changed; US retail sales data in focus

By: |
Updated: July 16, 2019 8:00:10 AM

Spot gold was down 0.1% at $1,412.24 per ounce, as of 0107 GMT.

Gold prices, Asian trade, US retail sales data, Federal Reserve, US economy, Asian shares, India gold importsU.S. gold futures were up 0.2% at ,416.20 an ounce. (Reuters)

Gold prices were little changed in early Asian trade on Tuesday as investors awaited U.S. retail sales data due later in the day for further clues on policy easing from the Federal Reserve in the face of a global slowdown.


* Spot gold was down 0.1% at $1,412.24 per ounce, as of 0107 GMT.

* U.S. gold futures were up 0.2% at $1,416.20 an ounce.

* U.S. data on Tuesday is expected to show that retail sales gained 0.1% in June, according to the median estimate of economists polled by Reuters.

Also read: Oil down for a second day as US Gulf of Mexico output returns

* The dollar index was relatively unchanged against a basket of major currencies as the prospect of a Federal Reserve interest rate cut later in the month kept the greenback on the defensive.

* A rate cut this month is seen as certain with interest rate futures traders pricing in a 72% chance of a 25 basis point cut and a 28% likelihood of a 50 basis point cut, according to the CME Group’s FedWatch tool.

* Longer-dated U.S. Treasury yields edged lower on Monday as investors focused on Tuesday’s retail sales figures as the next indicator of the strength of the U.S. economy.

* Asian shares inched up on Tuesday as traders awaited U.S. retail sales data and more corporate earnings. {MKTS/GLOB] *

India’s gold imports rose 13.04% to $2.69 billion in June compared with a year earlier, the trade ministry said in a statement on Monday.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Vegetable oil imports surge 6% to 11.05 lakh tonne in June
2Why cotton imports and exports may decline
3Marine fish catch falls 9% in 2018