The gold USD pair is trading in negative regions in today’s session. The precious metal’s safe-haven appeal hasn’t been working effectively on traders and investors in past sessions.
XAU/USD prices have declined 0.19% or 2.70 points on Wednesday’s session. Spot gold prices currently trade around $1,403.01 compared against its previous close of $1,405.90.
The greenback has been receiving support from better than expected data from the US retail sales report.
The positive report followed the upbeat data from June’s jobs report. Gold USD traders and investors are currently weighing and digesting the better than expected data on retail sales in the United States.
Retail sales in the US reportedly rose more than 0.7%, topping the expected 0.3% of analysts. The data placed the precious metal under pressure.
Debates and discussions of a possible rate cut by the United States Federal Reserve continue to give unclear direction for the gold market.
Some gold USD investors remain optimistic for the future of gold. A comeback for the precious metal isn’t impossible since the Fed is set to meet later in the month to talk about rate cuts.
However, some analysts doubt the yellow metal’s chances, after the positive data from the US retail sales report, could ease the chances of a rate cut.
The United States Department of Commerce said on Tuesday that retail sales in America have significantly grown, a positive sign for the US economy.
Aside from the Gold USD pair, other precious and base metals have also traded sideways in today’s session.
Silver futures saw a downward movement of 0.48% or 0.076 points. The lustrous metal opened in sessions at $15.585 and is currently selling around $15.602 against its last close of $15.678.
Platinum futures fell 0.88% or 7.45 points. The malleable metal opened at $843.85 in today’s session, but further declined and now exchanges at $839.15 compared to its previous close of $839.30.
Palladium futures received minimal damages; prices inched down 0.01% or 0.20 points. Palladium currently trades at $1,516.10, a small retraction from its last close of $1,516.10.
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Base metals such as aluminum and copper also contracted, while nickel and lead inched upward.
Aluminum futures lost 0.24% or 4.50 points, trading at $1,838.75. Copper futures fell 0.33% or 0.009 points, dealing around $2.691.
Nickel futures rose 1.88% or 257.50 points, selling at $14,205.00. Lead futures gained 0.44% or 8.75 points, presently trading at $1,988.50.