US retail sales were weaker than expected
The world price of XAU reversed to increase slightly when the latest report showed that US retail sales were weaker than expected.
Specifically, according to the Statistics Department of the US Department of Commerce, the country's retail sales increased by 0.1% in May. Previously, economists had forecast an increase of 0.3%.
Disappointing economic data has reinforced hopes that the US Federal Reserve (FED) will reduce interest rates this year, putting pressure on the dollar and US Treasury yields.
According to the CME FedWatch tool, traders are currently pricing in about a 67% chance that the Fed will cut interest rates in September. Lower interest rates will benefit gold because it reduces the opportunity cost of holding Precious metals do not carry this interest.
Specifically, according to the Statistics Department of the US Department of Commerce, the country's retail sales increased by 0.1% in May. Previously, economists had forecast an increase of 0.3%.
Disappointing economic data has reinforced hopes that the US Federal Reserve (FED) will reduce interest rates this year, putting pressure on the dollar and US Treasury yields.
According to the CME FedWatch tool, traders are currently pricing in about a 67% chance that the Fed will cut interest rates in September. Lower interest rates will benefit gold because it reduces the opportunity cost of holding Precious metals do not carry this interest.
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