13 May 2015
Gold rises above USD 1200/Oz
FXStreet (Mumbai) - Gold prices rose to a high of USD 1206/Oz levels after the commerce department data in the US showed retail sales growth slowed down considerably in April.
Gold gains as the USD falls
The weaker-than-expected retail sales data led to a broad based USD weakness. The USD index extended losses to hit a session low of 93.89, down almost 1% for the day. Consequently, the yellow metal got a boost.
Furthermore, the weak data also support the case for a delay in the interest rate hike in the US, which is evident from the decline in the US Treasury yields. A possible delay in the rate hike and a drop in the yields further supported Gold.
Gold gains as the USD falls
The weaker-than-expected retail sales data led to a broad based USD weakness. The USD index extended losses to hit a session low of 93.89, down almost 1% for the day. Consequently, the yellow metal got a boost.
Furthermore, the weak data also support the case for a delay in the interest rate hike in the US, which is evident from the decline in the US Treasury yields. A possible delay in the rate hike and a drop in the yields further supported Gold.