Gold Above $1300 on Poor U.S. Data

Gold settled at a three-month high on Thursday, breaking above $1,300 after disappointing U.S. economic figures further hurt the dollar and equity markets.

U.S. retail sales fell 0.4 percent in January, led by a drop in automobile sales, against an expected 0.2 percent increase. Separately, initial claims for state unemployment benefits rose to a seasonally adjusted 339,000 from 331,000 the week before, and against a consensus fall to 330,000.

U.S. gold futures for April delivery ended $5.10 higher at $1,300.10 an ounce.  Spot gold rose to $1,300.35 an ounce, its highest since Nov. 8 earlier, and was last up 0.6 percent at $1,299 an ounce.

CNBC

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