Lates News

Soft retail sales data in the United States supported the reasons for the Fed's interest rate cut, causing the price of gold to slightly increase at the opening. Gold is currently trading around $5050 per ounce. Yesterday's data showed that US consumer spending unexpectedly stagnated in December, reflecting anxiety about living costs and setting the tone for the highly anticipated January delayed employment report to be released on Wednesday. Any further reduction in borrowing costs will benefit gold, as gold does not generate interest and typically benefits in a low-interest rate environment. The precious metal soared to a historic high in late January before experiencing a sharp decline. Since then, the price of gold has recovered about half of its decline and has been fluctuating around $5000 per ounce this week.