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Gold Stuck Below USD1,300 Ahead Of US Retail Sales

May 13, 2014

WASHINGTON (Alliance News) - Gold prices are lower Tuesday morning with investors awaiting official data on US retail sales.

Gold futures for June delivery are down USD5.80 or 0.45% at USD1,290.10 an ounce.

On Monday, gold futures ended up USD8.20 or 0.6% at USD1,295.80 an ounce, snapping a four-session losing streak, as investor sought the safe haven of the precious metal amid concerns over the unrest in Ukraine.

Silver for July is down USD0.115 or 0.59% at USD19.443 an ounce, coming off a high of USD19.608 touched earlier in the day.

Meanwhile, copper is down USD0.013 or 0.4% at USD3.137 per pound.

Investors will be looking ahead to the US Commerce Department's report on retail sales, due at 8:30 am ET. Economists expect retail sales to have risen 0.4% month-over-month in April, while retail sales, excluding autos, may have risen 0.6%.

Around the same time, the Labor Department is scheduled to release its report on export and import prices for April. The consensus estimate calls for a 0.2% month-over-month increase in export prices and a 0.4% increase in import prices

At 10 am ET, a report on business inventories will be released by the Commerce Department. Economists expect business inventories to have risen by 0.5% in March compared to the previous month.

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Source: Alliance News

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