Gold drops on weak global cues
Date
7/19/2016 5:17:55 AM
(MENAFN- ProactiveInvestors - Australia)
Gold slipped to levels not seen in more than two weeks as investors began to profit-take while the release of strong U.S. economic data has also dampened investors"; appetite for the ‘safe haven"; of bullion.
Electronic gold last traded down 0.6% at US$1329 an ounce.
Even the attempted military coup in Turkey over the weekend failed to spark the precious metal into life, which normally benefits in times of uncertainty.
Added to the metal";s inability to take advantage of those events, retail sales data from across the pond was more positive than originally expected.
The Federal Reserve has often implied that if the U.S. economy continues to show signs of improvement, it will raise interest rates.
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