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Good US Retail Sales Helps Copper, Hurts Gold

August 13, 2011 at 0:38 by Vladimir Vyun

Gold extended drop as the positive report about US retail sales reduced demand for safety among investors. Resulting optimism helped copper to gain.

Retail sales advanced 0.5 percent in July. They were expected to rise 0.4 percent, while June advance was 0.3 percent.

The Standard & Poor’s 500 Index rose 1.4 percent. Most commodities also rallied.

September futures for delivery of copper gained $0.0035 (0.1 percent) to $4.0335 per pound as of 13:24 on COMEX. December futures for gold delivery slipped $8.90 (0.5 percent) to $1,742.60 by 13:45.

If you have any questions and comments on the commodities today, use the form below to reply

2 Responses to “Good US Retail Sales Helps Copper, Hurts Gold”

  1. emmkay

    Hi, Zink is close to high time low for the year! What’s the outlook for next two month in current scenario? Regards

    [Reply]

    enivid Reply:

    The current scenario suggests further decline of zinc.

    [Reply]

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