U.S. Retail Sales and Industrial Production Drop

Share this article:

Gold futures closed in the red on Friday (January 14) under pressure from the stronger U.S. dollar. This is compounded by profit-taking ahead of the long weekend this weekend. The New York Gold Exchange will be closed on Monday, January 17, for Martin Luther King Jr. Day.

  • Gold contract was down $4.9, or 0.27%, at $1,816.5 per ounce.
  • Silver was down 24.4 cents, or 1.05%, to close at $22.918 an ounce.
  • The platinum contract was down $7.6, or 0.78%, at $964.6 per ounce.
  • Palladium was down $11.80, or 0.6%, at $1,878.20 an ounce.

The dollar index rose 0.39% against the six major currencies in a basket of currencies to $95.1673, which increased pressure on gold futures. This makes gold contracts quoted in dollars more expensive for investors holding other currencies.

However, gold received support from the U.S. economic data.

Yesterday, the U.S. Commerce Department reported that retail sales fell 1.9% in December after rising 0.2% in November, while core retail sales (excluding motor vehicles, oil, building materials, and food) fell 3.1% in December after falling 0.5% in November.

The consumer confidence index fell to 68.8 in January from 70.6 in December.

The U.S. Federal Reserve (Fed) reported Friday that total U.S. industrial production fell 0.1% in December after rising 0.7% in November.

The Spot Market is Closed

Saturday, January 15, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
05.00
1,818.10
1,819.10
-4.10
-0.23%
1,814.40
1,830.20
Silver
05.00
22.96
23.06
-0.10
0.43%
22.80
23.38
Platinum
05.00
969.00
979.00
-1.00
-0.10%
965.00
992.00
Palladium
05.00
1,825.00
1,975.00
-7.00
-0.38%
1,794.00
2,008.00
Rhodium
05.00
15,400.00
17,400.00
0.00
0.00%
15,400.00
17,400.00

Leave a Reply

Change Language
%d bloggers like this: