- U.S. retail sales down 1.9% in December
- Gold set to gain for the week
Jan 14 (Reuters) – Gold prices slipped on Friday, weighed down by an uptick in Treasury yields on prospects of U.S. interest rate hikes and a stronger dollar.
Spot gold was down 0.3% at $1,816.22 per ounce by 13:56 ET (1856 GMT). U.S. gold futures settled down 0.3% at $1,816.50.
Benchmark U.S. 10-year Treasury yields firmed, while the dollar rose 0.4% against its rivals , making bullion costlier for overseas buyers.
Register now for FREE unlimited access to Reuters.com
Gold gained briefly after the release of data showing retail sales tumbled by 1.9% in December as Americans struggled with shortages of goods due to supply chain bottlenecks and an explosion of COVID-19 infections. read more
Gold is acting as a placeholder in people’s portfolios “until the dust settles” in terms of where the economy is going, said Philip Streible, chief market strategist at Blue Line Futures in…