Gold and silver didn't do much yesterday as gold price slightly rose and silver edged down. The mixed trend of major currencies during yesterday's trading may have contributed to the mixed trend in the bullion market. The U.S PPI sharply fell by 1% mainly due to the drop in energy prices. The U.S PPI ex food & energy edged by 0.2%; this news tends to be negatively linked with gold; U.S retail sales edged down by 0.2%. Spain's 10 year bond yields to nearly 6.9% after Moody's rate cut. On today's agenda: U.S. CPI, jobless claims weekly update, Governor King will give a speech, ECB monthly bulletin, Bank of Japan and Swiss National Bank rate decisions.
Gold edged up on Wednesday by 0.35% to $1,619; silver nearly didn't move as it edged down by 0.03% to $28.94. During the month gold rose by 3.53% and silver by 4.27%.
U.S Retail Sales Edged Down in May
According to the recent report the U.S. retail and food sales declined by 0.2% and reached $404.6 billion in May. This means the total retails sales didn't change much but still edged down. If this trend will continue, it could signal a slowdown in the U.S economy and thus may adversely affect commodities.