Gold & Silver Move Higher On Drop In U.S. Retail Sales

GOLD

U.S. retail sales unexpectedly fell in July after recent strong gains that were fueled by large tax refunds. Gold rallied today after the U.S. Commerce Department's Census Bureau said on Friday that Retail ‌sales dropped 0.6% last month after an unrevised 0.2% gain in June.

Today's announcements included the People's Bank of China purchasing 640,000 oz of Gold in July, and that the Trump administration spent a record $432 billion more than it took in in July. This was the highest monthly budget shortfall since March 2021. Both of these announcements helped fuel fresh Gold buying today.

At 11am PT today, Gold is up $22.06 per ounce, trading at $4378.68.

SILVER

Silver rallied today from a low of $63.40 during China trading to a high of $65.78 per ounce in London and U.S. Silver did briefly break below the key $64 support level, but quickly rallied back during trading in London after the July U.S. retail sales were reported.

At 11am PT today, Silver is trading at $64.82 per ounce, up $0.27.