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Gold Rises While Dollar Is Supported by Positive Retail Sales

Gold rallied Wednesday morning in Asia but remained near recent lows as strong US retail sales sent the dollar near a 16-month high.



Gold futures were up 0.14% to $1,856.70 by 11:48 PM ET (4:48 AM GMT). The dollar, which usually moves inversely with gold, rose on Wednesday and is near a 16-month high.

Data released on Tuesday showed US retail sales rose 1.7%, better than expected. Core retail sales were up 1.7% better than expected. Gold futures were up 0.14% to $1,856.70 by 11:48 PM ET (4:48 AM GMT). The dollar, which usually moves inversely with gold, rose on Wednesday and is near a 16-month high.


Data released on Tuesday showed US retail sales rose 1.7%, better than expected. Core retail sales rose 1.7% better than expected.




Meanwhile, Fed President St. Louis James Bullard said on Tuesday that the Fed should "tackle in a tighter direction" to prepare for high inflation in the longer term. Persistently high inflation is fueling expectations that the Federal Reserve may raise interest rates sooner than expected.

In the UK, better-than-expected jobs data from the Office for National Statistics eased fears that the Bank of England would raise interest rates. The unemployment rate fell to 4.3% in September.

“Now that labor market data shows that the roadblocks have been removed, we think the Bank of England has given the green light for a rate hike at their December meeting,” said market strategist. JP's global school Morgan Asset Management, Ambrose Crofton told Reuters.


Reserve Bank of Australia Governor Philip Lowe also said recent data did not support a rate hike. Australia's Wage Price Index rose 2.2% and 0.6% year-on-year and month-on-month, respectively, in the third quarter.

In other precious metals, spot silver rose 0.6%, while platinum and palladium both gained 0.3%.



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