Gold prices hit new low in response to surging January retail sales, exceeding expectations

Image Source : PEXELS Gold Prices Hit New Low in Response to Surging January Retail Sales, Exceeding Expectations

Gold Rates Today: On the Multi Commodity Exchange (MCX), gold futures began trading at Rs. 56196.00 per 10 grams, showing a slight rise of 0.12%. On the other hand, silver futures opened at Rs. 65726.00 per kilogram, with a slight decrease of 0.47%.

As of 2:09 pm GMT, spot silver experienced a decrease of 1.42% and was trading at $21.53 per ounce. Platinum saw a decrease of 1.31%, reaching a price of $918.38. On the other hand, Palladium saw a decline of 3.24% and was trading at $1,448.86.

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Gold prices hit a new low for the day, in response to better-than-expected January retail sales data. The latest figures from the U.S. Commerce Department indicate that retail sales rose 3% last month, following a 1.1% drop in December, surpassing economists’ projected 1.8% increase. Core sales, which exclude vehicle sales, also exceeded expectations, surging 2.3% compared to the anticipated 0.8% rise.

Meanwhile, the report’s control group, which eliminates autos, gas, building materials, and food services, rose by 1.7% versus the predicted 0.8% increase. As a result of the news, gold prices decreased, with a drop of about $20 in early-morning trading, and April Comex gold futures down by 1.22% on the day, trading at $1,842.60.

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