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Gold price rose
Gold prices rose as investors believe the Fed will not rush to raise interest rates in coming months after weak data on retail sales.
According to the US Department of Commerce, retail sales in the US were unchanged in July. The seasonally adjusted volume of retail sales remained at the same level and amounted to $ 4.5773 trillion. Meanwhile, the index for June was revised upward to + 0.8% from + 0.6%. Analysts had expected sales to increase by 0.4%. Excluding cars, retail sales fell by 0.3%, almost leveling 0.4 percent increase in June. It was predicted that sales in this category will rise by 0.2%. Meanwhile, excluding autos and gasoline, sales were down 0.1%. In annual terms, total retail sales rose in July by 2.3%, slowing down the pace compared to the previous month, when an increase of 2.7% was recorded.
Expectations of continued low interest rates usually support gold. "The US economy does not feel very strong," - said Peter Hug from Kitco Metals. "It does not appear that the Fed will raise interest rates soon," - he added.
According to the futures market, the likelihood of a Fed hike in September is 12% down from 18% a month ago.
The cost of the October gold futures on COMEX rose to $ 1,358.00 an ounce.
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