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Gold climbs to 8-month high after US data

<strong>Gold climbs to 8-month high after US data</strong>
Raghda Ahmed

January 18, 2023

Spot gold was up to 1925 an ounce, its highest level since late April, after the release of US economic data that provided clues that the Federal release may slow its interest rate hike pace in the coming period.

US Retail sales declined by 1.1% on a monthly basis in December. This follows November’s fall of 0.6% and misses consensus estimates for a 0.8% fall. Core retail sales, excluding autos, also contracted by 1.1% during the same month.

Inflation measure the producer price Index in the US declined to 6.2% in December from a year earlier, compared to prior and expected readings of 7.3% and 6.8% respectively.

The US Dollar dropped to a near-seven-month low amid expectations the fed may adopt a less aggressive monetary tightening path.