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Gold prices firm as dollar eases on grim U.S. retail sales

Spot gold rose 0.5 percent to $1,312.17 per ounce as of 2:17 p.m. EST (1917 GMT).

U.S. gold futures settled down 0.1 percent at $1,313.9.

The dollar index fell to a session low, weighed down by a string of disappointing U.S. data, with retail sales recording their biggest drop in nine years in December and weekly jobless claims registering an increase.

The dollar’s slide soon after the data, which compounded worries of an economic slowdown, helped bullion shake off limited headwinds from earlier in the session and turn positive. The data came in a bit weaker. “A lot of people think that gives the Fed more ammunition to not raise rates which is bullish for gold,” said Michael Matousek, head trader at U.S. Global Investors.

Courtesy- Reuters



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