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

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

According to ANZ Bank strategists, the price of gold has dropped below $1,850, which is the lowest it has been since early January.

India TV Business Desk Edited By: India TV Business Desk New Delhi Published on: February 16, 2023 10:05 IST
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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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