Gold price sees some selling pressure following sold U.S. retail sales numbers

London (Jan 16)  Gold the gold market is seeing some selling pressure but still holding on above critical initial support around $1,550 an ounce, as the holiday shopping season was relatively stronger than expected.

U.S. retail sales rose 0.3% in December up from November’s revised rise of 0.3%, according to the latest data from the U.S. Commerce Department, released Wednesday; the data were in line with economist expectations.

Meanwhile, core sales, which strips out vehicle sales rose 0.7% last month, solidly beating expectations. Consensus forecasts were calling for a 0.5% rise

The control group, which excludes autos, gas, building materials, and food services was rose 0.4%. Economists were expecting to see a 0.4% increase.

The stronger-than-expected data created some selling pressure for gold. February gold futures last traded at $1,553.50 an ounce, relatively unchanged on the day.

KitcoNews