Eliman Dambell
Tradeview Markets
Gold prices were also trading lower in today’s session, as investors reacted to the Retail sales figures, plus the weekly initial jobless claims report.
In relation to the jobless claims data, it was shown that 332,000 Americans had applied for state unemployment benefits during the week that ended September 11th.
Markets had expected the number of applications to come in roughly around 320,000 this week, after falling to a pre-pandemic low during last week’s report.
XAUUSD fell to an intraday low of $1,745 on Thursday, which is the lowest the metal has traded at since August 12th.
Despite today’s fall, which saw prices drop by as much as $41, amny believe that there could be further selloffs in store for the metal.
S&P 500 down despite increased retail sales
After rebounding in yesterday’s session, the benchmark S&P 500 dropped on Thursday despite U.S. Retail sales increasing last month.
Figures from the Commerce Department showed that sales were up by 0.7% in August, after it was expected that they would decline by 0.8%.
This comes as a welcomed boost to the U.S. economy, after data on Wednesday showed that manufacturing output had fallen, with inflation continuing to rise.
Retail Sales currently account for two thirds of the Gross Domestic Product in the United States, and come a day before the Michigan Consumer Sentiment index is released.
Despite the better than expected result, the NASDAQ and S&P 500 were lower as of writing.
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