Investing.com - Gold prices dropped in U.S. trading on Monday
after stronger-than-expected U.S. retail sales sparked demand for
the dollar, which tends to trade inversely from the yellow metal.
On the Comex division of the New York Mercantile Exchange, gold
futures for June delivery were down 0.21% at USD1,433.65 a troy
ounce in U.S. trading on Monday, up from a session low of
USD1,424.95 and down from a high of USD1,448.05 a troy ounce.
Gold futures were likely to test support USD1,418.65 a troy ounce,
Friday's low, and resistance at USD1,475.55, Wednesday's high.
The Commerce Department reported earlier that U.S. retail sales
rose 0.1% in April, defying expectations for a 0.3% decline.
March's figure was revised down to a 0.5% contraction from a 0.4%
Core retail sales, which exclude automobile sales, fell by 0.1%
last month, in line with expectations.
The numbers sparked talk that the Federal Reserve may be closer to
scaling back stimulus programs, especially its USD85 billion
monthly bond-buying program, which weaken the dollar to spur
Improving weekly jobless claims in the U.S. as well as a
better-than-expected April jobs report have also fueled talk the
Fed may continue slowing the pace of its bond-buying later this
Elsewhere on the Comex, silver for July delivery was up 0.15% at
USD23.693 a troy ounce, while copper for July delivery was up 0.21%
and trading at USD3.360 a pound.
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