Gold slipped after finishing strongly last week, with UBS Group AG warning investors to rethink their bullion holdings as the global economy recovers and the greenback strengthens into next year. Figures for U.S. retail sales are due Tuesday. Prices could drop closer to $1,600 an ounce, while silver may fall to $22 an ounce or lower, Schnider said in a Bloomberg TV interview on Monday. Traders will likely focus on the retail sales numbers to gauge the strength of the country’s recovery, said John Feeney, business development manager at Sydney-based bullion dealer Guardian Gold Australia. Spot gold traded 0.2% lower at $1,775.46 at 10:34 a.m. in London, after rising 1.5% on Friday.

Source: Mint August 16, 2021 09:56 UTC