RE: SILG19 Jun 2024 11:36
Gold, silver lifted by downbeat U.S. economic data, rally in oil teaser image
(Kitco News) - Gold prices are higher and silver prices slightly up in midday U.S. trading Tuesday. Gold got a boost after a weaker U.S. economic report was released earlier this morning. A rally in the crude oil market to a six-week high today is also a bullish outside-market element for the metals markets. August gold was last up $13.30 at $2,342.30. July silver was last up $0.079 at $29.47.
Today’s U.S. retail sales report for May showed a gain of 0.1%, month-on-month, versus expectations for a rise of 0.2%. April sales were revised down from unchanged to -0.2%, month-on-month. Today’s weaker sales data falls into the camp of the U.S. monetary policy hawks, who want to see the Federal Reserve cut interest rates sooner rather than later