Gold Tumbles As Investors Shun Risk
In Tuesday’s economic
news Wholesale Prices rose less than expected
(report),
Retail Sales edged higher (report)
and Business Inventories rose less than expected (report).
Bonds prices closed slightly higher, pushing the yield on the 10-yr T-note to a
two-month low.
The US Dollar Index rallied, with the Dollar posting solid gains against all the
majors.
Crude Oil prices fell to a three-week low, closing at $68.56. Tropical Storm
Alberto was downgraded before coming ashore and has weakened substantially,
alleviating concerns of supply disruptions.
Gold futures tumbled, losing more than $44 to close at $566.80. Gold has fallen
from a high of $739.20 just one month ago.
All the softs closed lower, except for Cocoa +0.48%.
The grains were also weak, with only Soybean Meal closing in the green.
Economic News
PPI Up 0.2% For May, Core PPI Up 0.3% (report)
Retail Sales Up 0.1% For May; Ex-Autos, Retail Sales Up 0.5% (report)
April Business Inventories Rise 0.4%; Sales Rise 0.6% (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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