Gold Edges Up as Dollar Falls From Two-Year High and October Retail Sales Beat Forecasts
Gold edged higher early on Friday following five losing sessions as the dollar eased and U.S. October retail sales came in higher-than-expected.
Gold for December delivery was last seen up US$2.40 to US$2,575.30 per ounce.
The dollar eased off a two-year high early, with the ICE dollar index last seen down 0.06 points to 106.61.
The rise comes as the U.S. Department of Commerce reported retail sales rose 0.4% in October, matching the September rise but ahead of the consensus estimate for a 0.3% increase.
The rise showed the U.S. economy remains solid, with Federal Reserve chair Jerome Powell on Thursday saying the central bank has room to slow interest-rate cuts as inflation cools and the labor market remains robust.
"We are moving policy over time to a more neutral setting. But the path for getting there is not preset. In considering additional adjustments to the target range for the federal funds rate, we will carefully assess incoming data, the evolving outlook, and the balance of risks. The economy is not sending any signals that we need to be in a hurry to lower rates," Powell said in the text of a speech to the the World Affairs Council in Dallas.
Treasury yields rose, with the yield on the two-year note last seen up 0.9 basis points to 4.367%, while the 10-year note was paying 4.473%, up 3.0 points.
Source : MT Newswires
