Gold price cools off on better than expected U.S. retail sales – Idaho Reporter


Gold price cools off on better than expected U.S. retail sales

The gold price is currently at around $1,800 and it stopped climbing due to better than expected U.S. retail sales. On Thursday, it briefly slid below the $ 1,800 per ounce. The trigger was a suddenly rising USD, which made up for its previous losses of the day, said Eugen Weinberg, head of commodity analysis at Commerzbank . The setback, however, met with immediate interest in buying, which is clearly positive. On Friday afternoon, the ounce was trading at $ 1,807.60.

According to Christofer Lewis, from FX Empire, the gold price is starting to build a bit of a base (around $1,800) and in his eyes gold price forecast is rather bullish.

Looking at the current data from the Institute of International Finance (IIF), global debt rose to $ 258 trillion in the first quarter, which corresponds to 331 percent of global economic output. In the first quarter alone, the debt ratio rose by ten percentage points. For comparison: The value of the gold mined so far amounts to around eleven trillion dollars at current prices. According to Mr. Weinberg of Commerzbank, this is another reason why gold has risen so sharply in the past few months and why the precious metal should continue to rise.

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