Gold continued to fall slightly to a 5-month low as pressured by a better-than-expected US economic report.
Specifically, the US retail sales report for July increased by 0.7% compared to June, which was a surprise and higher than market expectations of a 0.4% increase compared to June and as So with a 0.2% gain in the June report. The report is a hawk on US monetary policy and is the last major US data ahead of the Federal Reserve's annual symposium. Federal Archives Project next week in Jackson Hole, Wyoming.
Chinese economic data released on Tuesday showed disappointing results. It is bearish for metals as it indicates weaker demand from China. Slower growth in industrial output and consumer spending was reported. The National Bureau of Statistics said domestic demand remained "insufficient" and "the foundation of the economy's recovery still needs to be strengthened," according to Bloomberg.
China's central bank cut interest rates on annual loans by 0.15%, down to 2.50%, in line with market expectations. It was the second rate cut this year after the 0.10% cut in June.
Specifically, the US retail sales report for July increased by 0.7% compared to June, which was a surprise and higher than market expectations of a 0.4% increase compared to June and as So with a 0.2% gain in the June report. The report is a hawk on US monetary policy and is the last major US data ahead of the Federal Reserve's annual symposium. Federal Archives Project next week in Jackson Hole, Wyoming.
Chinese economic data released on Tuesday showed disappointing results. It is bearish for metals as it indicates weaker demand from China. Slower growth in industrial output and consumer spending was reported. The National Bureau of Statistics said domestic demand remained "insufficient" and "the foundation of the economy's recovery still needs to be strengthened," according to Bloomberg.
China's central bank cut interest rates on annual loans by 0.15%, down to 2.50%, in line with market expectations. It was the second rate cut this year after the 0.10% cut in June.
