AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

12/17/2024: Gold slips on retail sales, dollar

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold slipped 0.3% to close under $2,645 as robust US retail sales data lifted the dollar, undercutting alternative stores of value ahead of the Fed’s decision on interest rates. Silver shed 0.4% to finish at $30.57 an ounce.

Retails sales rose 0.7% in November, beating forecasts of 0.5%, as online buying jumped 1.8% and auto sales surged 2.6%. Sales in October were also revised slightly higher by the Commerce Department. Retail sales comprise around one-third of consumer spending, which in turn accounts for roughly 70% of GDP.

Solid momentum in the economy is expected to change the Fed’s forward guidance tomorrow. While a quarter-point cut this month is almost certain, additional cuts in 2025 may come more slowly, as the Fed’s dot-plot forecast of future rate levels is expected to reflect.

The dollar added 0.2% against major rivals on the data and shifting rate outlook, pressuring gold and other commodities by making them pricier in other currencies.

Platinum rose 1.9% while palladium fell 1.1%.

At the New York spot close: gold slipped $7 to $2,644.80; silver dipped 12 cents to $30.57; platinum picked up $17.50 to $938.80; and palladium dropped $10.90 to $942.25 an ounce.