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Alliance News Detail


Gold Inches Higher After Retail Sales Shocker

[ 14 Jun 2018 18:48 ]

WASHINGTON (Alliance News) - Gold prices rose Thursday despite a much bigger than expected increase in US retail sales in the month of May.

The Commerce Department said retail sales jumped by 0.8% in May after climbing by an upwardly revised 0.4% in April.

That will likely result in US GDP above 4% in the second quarter. The Federal Reserve said this week that it intends to raise interest rates twice more in 2018 in order to prevent the economy from overheating.

Gold was up USD7, or 0.5%, to settle at USD1,308.30/oz.

Overseas, the European Central Bank has pledged to keep interest rates on hold well into next year.

Copyright RTT News/dpa-AFX


Gold Inches Higher After Retail Sales Shocker - Alliance News

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