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Gold corrects back after the release of stronger-than-expected US Retail Sales data for June. The precious metal had been rallying after the Chairman of the Fed Jerome Powell said good progress was being made on inflation.  His statements suggested a good chance the Fed will cut interest rates in the near future.  Market-based probabilities are now showing a 100% chance of the Fed cutting interest rates at the September meeting.  Gold (XAU/USD) corrects some of its early gains on Tuesday, trading in the $2,440s after the release of US Retail Sales data showed the US consumer continuing to spend liberally despite the high cost of borrowing. The data indicates the US economy remains resilient and inflation is likely to stay relatively elevated despite having fallen in recent months. This could moderate the extent to which the Federal Reserve (Fed) cuts interest rates in the future, with consequences for Gold.  Gold had been rising prior to the release, inching up toward the $2,451 all-time high, supported by heightened expectations that the Federal Reserve (Fed) will cut interest rates at its meeting in September as inflation in the US shows signs of cooling.   Gold pulls back after US Retail Sales data boosts the USD Gold is pulling back following the release of US Retail Sales data for June.  US Retail Sales rose by 0.0% in June, as expected and below May’s upwardly revised 0.3%,  according to data from the US Census Bureau on Tuesday.  The Retail Sales ex Autos rose 0.4% in June when a 0.1% increase had been estimated from a revised-up 0.1% previously.   The Retail Sales Control Group showed an increase of 0.9% from 0.4% in May. The Control Group is adjusted for seasonal variations and trading day differences and is seen as a more accurate measure of sales.  Gold rises after Fed…

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Filed under: News - @ July 16, 2024 10:20 pm