Both gold and silver lose 2.8% on a weekly basis
Bullion metals ended the week on a mixed note on Friday, 12 September 2014 at Comex. Gold futures fell for a fifth session on Friday. Retail-sales data matched expectations, raising confidence in the U.S. economic outlook and dampening haven demand. This week, gold has been undercut by a dollar that's finding support in expectations the Federal Reserve will take a more hawkish tone on interest rates.
Gold futures for December delivery shed $7.50, or 0.6% to settle at $1,231.50 an ounce. Gold managed to close out the week 2.8% lower.
December silver edged up a penny to $18.55 an ounce but still dropped 2.8% for the week.
As per latest data at Wall Street, economic data included Retail Sales, Import/Export Prices, Michigan Sentiment Survey, and Business Inventories.
Sales at U.S. retailers rose in August by 0.6%, matching expectations and representing the biggest increase since April. Sales were revised higher for June and July. After missing expectations last month, sales rebounded in August and upward revisions were reported for the prior month (to 0.3% from 0.0%); concerns that consumption could weigh down GDP growth were somewhat alleviated. Excluding motor vehicles, retail sales increased a respectable 0.3% for a second consecutive month and met the consensus expectations. Export prices, excluding agriculture, decreased 0.3% in August after increasing 0.3% in the prior reading. Excluding oil, import prices ticked up 0.1%, which followed last month's unchanged reading.
The University of Michigan Consumer Sentiment Index increased to 84.6 in the preliminary September reading from 82.5 in August, while the consensus expected the index to increase to 83.5. That was the highest reading in the Sentiment Index since July 2013. The Present Conditions Index deteriorated in September, dropping from 99.8 in August to 98.5. The Expectations Index rose to 75.6 in September from 71.3 in August Business inventories increased an in-line 0.4% in July after increasing by the same amount in June.
More From This Section
Inventories for manufacturers (0.1%) and merchant wholesalers (0.1%) were known prior to the release. The only bit of new information was that retailer inventories increased 1.0% in July after increasing 0.7% in June.
Powered by Capital Market - Live News