FX & CFD trading involves significant risk
The price of gold rose slightly against the background data on U.S. retail sales . U.S. retail sales growth slowed sharply last month, which is a sign of weakness in consumer spending after the disruptions caused by an unusually severe winter.
According to the Ministry of Commerce, the seasonally adjusted volume of retail sales for April increased by 0.1 % compared with the previous month, reaching at this level of $ 434.57 billion , many experts expect an increase in this index by 0.5%. Basic retail sales ( excluding cars ) remained unchanged in April , compared with forecasts at 0.6 %.
On Monday, the SPDR Gold Trust (GLD), the world's largest gold exchange-traded fund , reported regular withdrawal of investment funds. Outflow of metal from the fund amounted to 2.4 tons , said the SPDR. During the reporting period , the amount of gold extracted from the fund amounted to slightly less than 18 tons. In dollar terms the outflow of the SPDR Gold Trust has reached 667 million dollars , according to XTF.com.
Investors suffered heavy losses after the fall in gold prices by 28% in 2013, which explains their current uncertainty. Nevertheless , strategists at Commerzbank believe otherwise.
On Monday, the price of gold is temporarily exceeded $ 1,300 , despite the lack of news to justify this increase . Silver prices showed excessive growth , focusing on the gold market . While the price of silver can generally hold the major part of the conquered positions on Monday , gold prices have already lost all the positions won in the same period , and on Tuesday the metal traded at around 1290 dollars. According to analysts Commerzbank, similar dynamics are associated with active growth of stock indices. Thus, the index Dow Jones Industrial Average on Monday hit a new historic high.
The cost of the June gold futures on the COMEX today rose to a high of $ 1298.80 .
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.