Gold is currently trading above $1,300 an ounce for the first time in three months following worse than expected retail and jobless data out of the U.S.
Retail sales figures fell by 0.4% in January far greater than the 0.1% which had been predicted. The weekly jobless claims rose by 8,000 to 339,000 missing market expectations.
Economists don’t believe the data will result in the Federal Reserve altering their plan to scale back on their monthly asset purchases. The Fed’s aggressive monetary easing has been the main factor driving gold higher since the 2008 economic crisis.
Silver finished yesterday 0.3% up following 7 positive sessions.