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Updated 05:20 24/02/20

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Gold slips from 3 week high

Duncan Richardson, News Editor
15 Apr 2014, 10:09 a.m.

Gold fell 1% yesterday, from its recent three week high, as strong U.S. retail sales data boosted the value of the dollar and raised expectations that the U.S. economy is on the road to recovery. Over the last 12 months better-than-expected economic data from the world’s largest economy has been the major driver behind the lower gold price.

Physical demand in China remained weak over night with the Shanghai spot price trading at a $1 discount to the Comex spot price.

Assets held in the world’s largest exchange traded fund, the SPDR Trust rose by 1.8 tonnes to 806.22 tonnes on Monday, the first increase since March the 24th.

Silver dropped 0.8% to $19.76 per ounce, palladium fell 1.31% to $795.50 per ounce and platinum decreased 0.68% to $1,450.00 per ounce.

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