Downbeat Data Lifts Gold Prices

Written by Swiss America

graph 3078545 640Gold prices lifted on downbeat U.S. data -Kitco
"Gold prices are modestly higher in early U.S. trading Wednesday, after trading steady to weaker overnight. The yellow metal perked up a bit immediately following the release of a weaker-than-expected U.S. economic report. December gold futures were last up $3.10 an ounce at 1,486.60.

December Comex silver prices were last down $0.089 at $17.295 an ounce. The just-released September U.S. retail sales report showed a decline of 0.3%. Forecasts were calling for a gain of 0.2% from August. This report falls into the camp of the monetary policy doves who want to see further U.S. lowering of U.S. interest rates....The International Monetary Fund on Tuesday released a report that forecast global economic growth at 3% in 2019, down from a 3.2% growth rate forecast by the IMF in July. The IMF blamed global trade disputes for the slowing economic growth worldwide....Bulls' next upside price objective is to produce a close in December futures above solid resistance at $1,525.00."