Gold price rises above $2,000: US retail sales disappoint financial experts

Gold price rises above $2,000: US retail sales disappoint financial experts

According to a report by www.finanzen.net,
Disappointing US retail sales in January helped gold prices recover slightly, pushing them back above $2,000 in spot trading.

The disappointing retail sales decline of 0.8 percent compared to the previous month represents the weakest development since March 2023. The “hawkish” tone among US central bankers this week has further dampened hopes of falling key interest rates. Concerns about increased producer prices and the Commitments of Traders report from the US regulator CFTC are making futures speculators large and small skeptical.

The price of gold remained stable until 7:45 a.m. (CET) and rose by $0.60 to $2,015.50 per troy ounce. Gold price recovery and market uncertainty could lead to increased investment in gold and other safe-haven assets as the U.S. economy continues to face challenges.

Regarding the oil market, OPEC is expected to see global oil demand growth of 2.25 million barrels per year in 2024. However, the International Energy Agency has revised its estimates slightly downward to 1.22 million barrels. Ahead of the US and Chinese holidays, interest in taking larger positions is limited.

The prices for WTI futures and Brent had changed only slightly by 7:45 a.m. (CET). The stagnant US rig count at 499 could continue to impact oil prices as the oil market focuses on key market data and developments in the global economy.

The development of the gold and oil markets shows the ongoing uncertainty and the impact of economic events on the financial sector. Financial experts continue to monitor current developments and possible effects on the market.