Gold Reverses Losses After US Weak Retail Sales

Gold steadied on Tuesday, clawing back early losses, as a rally in European stocks lost steam and U.S. stocks opened flat, as economic data painted a mixed picture of the economy.

Gains in the dollar held the metal in check, with a report that the German central bank would back monetary easing measures driving the U.S. unit higher against the euro.

The single currency hit a one-month low versus the dollar.

Spot gold was last flat at $1,296 an ounce, having earlier slipped as low as $1,288.64, while U.S. gold futures for June delivery rose 0.1 percent to $1,297 an ounce.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza