Gold Gains down slightly On Positive U.S. Economic Data Gold still hanging in there well with small adjustment Cheers to the patient
COMMODITIES: Gold Surrenders Overnight Gains On Positive U.S. Economic Data
09:19 AM EST, 01/16/2020 (MT Newswires) -- Gold edged down early on Thursday, surrendering overnight gains following better than expected economic data from the United States.
Gold for February delivery was last seen down US$0.30 to US$1,553.70 per ounce in Comex electronic trade, after touching US$1,556.60 overnight.
U.S. December retail sales rose 0.3% and 0.7% when auto sales are excluded, topping estimates and showing economic strength that is unlikely to push the Federal Reserve to cut interest rates further.
The U.S dollar also strengthened following the data, with the ICE dollar index last seen flat at 97.23 after dropping to 97.09 overnight.