The morning news is optimistic for the economy based on renewed growth figures from Europe. The see-saw effect of Europe’s ups and downs are reversing yesterdays drop and once again going up. Tuesday data is showing gross domestic product output for the region in line with expectations; Germany had modest growth while France had a flat performance.
Closer to home news is also positive as a report is out today showing that retail sales rose 0.8 percent last month. Economists had only expected a 0.3 percent rise. The report also tells us that the seasonally adjusted Producer Price Index is up 0.3 percent last month, higher by 0.1 percent than expected. Despite the higher prices, there was an increase in consumer spending during July. The core measure of retail sales which excludes autos, gasoline, and building materials rose a solid 0.9 percent.
One of the top consumers of gold in the world, India, is showing weak demand for the precious metal as prices for gold remain strong against their currency, the rupee. India’s festival season has begun and will peak in November. This is a time for weddings and giving gold as a gift.
At 9 a.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,597.70, Down $13.50.
- Silver, $27.75, Down $0.13.
- Platinum, $1,402.00, Up $8.20.
- Palladium, $576.70, Down $0.50.