Gold inched lower on Monday as stronger-than-expected U.S. manufacturing data of...
- Gold inched lower on Monday as stronger-than-expected U.S. manufacturing data offset support from sluggish retail sales numbers, while palladium surged 3 percent.
“The poor retail sales print definitely did give gold a short-term tailwind, especially at levels where not too many parties are looking to aggressively sell,” said Tai Wong, head of base and precious metals derivatives trading at BMO. The data followed weaker-than-expected consumer spending numbers in January and modest income growth in the United States, fanning worries that slowing global growth was spreading to the world’s largest economy.
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