Gold prices gain ahead of US data

Gold prices rebounded today, May 17, to trade above $1,800 an ounce, pending US economic data.

Gold futures contracts for June delivery rose 0.61% to $1,825.10 an ounce at 10:45 am Makkah time, while spot prices stood at $1,824 per ounce.

Elsewhere, silver futures for July delivery also surged by 0.51% to $21.66 an ounce. The spot price of palladium dropped by 0.72% to $2,009.39, and the spot price of platinum settled at $926.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, slipped by 0.21% to reach 104.42 points.

Markets are anticipating the release of US retail sales data due later in the day, with expectations of a 1% sales growth in April, along with a 0.4% hike in core retail sales.

In a recent interview with CNBC, former Federal Reserve Chairman Ben Bernanke said the US central bank’s decision to delay its response to the highest inflation rates in four decades “was a mistake.”