Spike in US retail sales sinks gold sentiment ahead of Fed's policy meeting
A weekly market summary for gold, Sept 13-17
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GOLD prices this week crashed to a five-week low after spiking to a week high. Prices had yoyo-ed back and forth on US economic data releases ahead of the Federal Reserve meeting early next week.
Gold had a hit a one-week high earlier after a slower-than-expected rise in US inflation returned prices to above the key US$1,800 an ounce level on Tuesday. Two days later, gold sold off sharply falling to more than a one-month low, crashing beneath US$1,750 an ounce after US retail sales jumped more than 15 per cent in the year to August.
In a major surprise on Thursday, US retail sales unexpectedly jumped for the month of August, pressuring gold and inducing a bout of positioning below US$,1800.
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