Gold futures fell to the lowest in almost two weeks on speculation that a smaller-than-expected gain in U.S. retail sales won’t be enough to keep the Federal Reserve from raising interest rates this year.
Purchases at U.S. retailers increased 0.9 percent, the first gain in four months, after a 0.5 percent drop in February, government figures showed Tuesday. The median forecast of 87 economists surveyed by Bloomberg called for a 1.1 percent advance.
Gold futures for June delivery fell 0.6 percent to settle at $1,192.60 an ounce at 1:48 p.m. on the Comex in New York, after reaching $1,183.50, the lowest since April 1.
Silver futures for May delivery declined 0.8 percent to $16.161 an ounce on the Comex, also the fifth loss in six sessions.