The latest U.S. numbers show consumer demand boosting the recovery from the pandemic. Retail sales accelerated in March by the most in 10 months as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers. While production at U.S. factories increased in March by the most in eight months, it was softer than forecast as automakers continued to deal with shortages of semiconductors.
After weeks of being confined to a narrow trading range, gold climbed Thursday to the highest since Feb. 26 amid the surge in Treasuries. Traders suggested international concerns may have helped fuel the rally in bonds, with many investors caught positioned for higher yields. Bullion was also supported this week after Federal Reserve Chairman Jerome Powell reiterated his dovish stance on monetary policy.
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Gold heads for second weekly gain as investors weigh US data
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Gold futures are surging again on Friday as Treasury yields resumed their retreat following an early session rise and the U.S. Dollar Index edged toward its lowest level since March 18. Gold’s sharp rise this week has put the precious metal in a position to post its best performance in five weeks.
At 11:46 GMT, June Comex gold is trading $1777.80, up $11.00 or +0.62%.
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Gold’s gains came despite U.S. data showcasing robust retail sales and a significant drop in weekly jobless claims and a record growth in China’s first-quarter GDP.
The latest numbers from both countries show consumer spending boosting the recovery from the pandemic. US retail sales accelerated in March the most in 10 months, as business reopenings, increased hiring and a fresh round of stimulus checks emboldened shoppers. Meanwhile, China’s economy soared in the first quarter, with March retail sales expanding more than forecast. After weeks of being confined to a narrow trading range, gold climbed Thursday to the highest since February 26 amid the surge in Treasuries. Traders suggested foreign buying and geopolitical risks may have contributed to the bond rally, with many investors caught positioned for further weakness.