Yahoo Finance Gold Edges Up as Weak Retail Sales Data, Trade Fears Weigh on Stocks
Investing.com – Gold prices inched up on Thursday, as weaker-than-expected U.S. retail sales figure and concerns over trade tensions weighed on equity markets.
Gold futures for April delivery on the Comex division of the New York Mercantile Exchange gained $1.6, or 0.12%, to $1,327.20 a troy ounce by 12:30am ET.
In the latest personnel shakeup, U.S. president Trump decided to appoint Larry Kudlow as the top economic advisor. Kudlow, previously known as a free trade advocate, reportedly said that China would be the target for tariffs, which increased the prospects of a U.S.-China trade war.
Meanwhile, U.S. retail sales unexpectedly fell 0.1% in February, compared to the estimate of a 0.3% growth.
The dollar remained soft against other currencies, with The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 89.64, down 0.12%. The sentiment for the greenback remained bearish this week and the index dropped below the 90 mark.
A weaker dollar makes bullion, which is used as an alternative investment during times of political and financial uncertainty, cheaper for holders of other currencies.
Asian equities also fell on Thursday as investors took their cues from overnight U.S. shares while traders await next week’s rate decision by the Federal Reserve.
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