Gold rises ahead of US data

18/07/2023 Argaam

Gold prices edged up today, July 18, buoyed by a softer dollar ahead of the US retail sales data.

 

Investors are awaiting the US data, as retail sales are expected to rise by 0.5% in June and more cues on the Federal Reserve’s monetary policy tightening.

 

Further, Treasury Secretary Janet Yellen does not expect a recession in the US.

 

Gold contracts for August delivery added 0.48%, or $9.4, to $1,965.8 per ounce. Spot gold traded $7.84 higher at $1,962.88 per ounce at 10:24 am Makkah Time.

 

Spot silver for September delivery added 0.49%, or 12 cents, to $25.14 per ounce. Spot platinum traded 0.72% higher at $986.95.

 

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, ticked lower 0.2% to 99.64 points.

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