(Before It's News)
MTECHTIPS:-Gold prices rally off session lows after weak U.S. retail sales data
Gold futures came off the lowest levels of the session in North American trade on Tuesday, after data showed that retail sales in the U.S. fell for the second straight month in February, underlining concerns over the economic outlook. Gold for April delivery on the Comex division of the New York Mercantile Exchange was down $8.40, or 0.67%, at $1,236.50 a troy ounce by 12:50 GMT, or 8:50AM ET. Prices fell by as much as 1.9% earlier to an intraday low of $1,226.00, the weakest level since March 2. The U.S. Commerce Department said that retail sales fell 0.1% last month, while sales for January were revised sharply lower to show a 0.4% decline instead of a small increase. Separate reports showed that manufacturing conditions in New York expanded for the first time in eight months in March, as new orders and shipments improved, while wholesale prices fell 0.2% in February to mark the fifth decline in seven months, largely because of lower gasoline and food prices. Investors now turned their attention to the Federal Reserve’s two-day monetary policy meeting due to begin later in the day. The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting on Wednesday. Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement, as investors look for any change in tone about the economy or future rate hikes. The central bank will also release its latest forecasts for economic growth and interest rates
.
WWW.MTECHTIPS.COM
07489294118-119
Register
Newsletter
If you really want to ban this commenter, please write down the reason:
