Gold and silver posted slight gains on Wednesday as U.S. Treasury yields fell after data showed slower retail sales growth in December, signaling an economic slowdown ahead of the release of key jobs data.
Spot gold rose 0.3% to $5,038.73 per ounce, while U.S. gold futures for April delivery climbed 0.6% to $5,060.60.
Silver gained 1% in spot trading to reach $81.49, after falling more than 3% in the previous session.
U.S. Treasury yields declined on Tuesday after a series of data suggested the economy may be slowing, potentially giving the Federal Reserve more flexibility to cut interest rates.
U.S. retail sales unexpectedly remained unchanged in December, as households reduced spending on cars and other big-ticket items. This could place consumer spending and the broader economy on a slower growth path as the new year begins.
Investors are awaiting the January nonfarm payrolls report, scheduled for release later on Wednesday, as well as inflation data due on Friday.
Among other precious metals, platinum rose 0.6% in spot trading to $2,098.78, while palladium gained 0.2% to $1,712.25.
Reuters
