US: Business Inventories (Feb): 0.1% vs 0.9% (Jan)
Apr 12, 2013
Commodities Brief – Precious metals collapse after US retail sales, crude trade off 91.00 level
Gold prices were roiled Friday after the release of checkered US economic data, specifically the Retail Sales data, which missed estimates (-0.4% vs. 0.0% projected). Subsequently, the yellow metal has lost its handle on a tight consolidation, breaking out towards the downside and establishing new lows during American trading. At the time of writing, spot gold prices are settling at USD $1532.78 per oz.
After finding support at the 1.3035 area, the euro managed to trim intraday losses against the greenback after data showed US retail sales unexpectedly declined in March and amid news the Eurogroup gave green light to a €10 billion loan to Cyprus.