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Gold futures settle slightly lower-Feb 14

Gold futures on the COMEX division of the New York Mercantile Exchange settled slightly lower, but moved up later over unsatisfactory retail sales data during electronic trading on Thursday.

The most active gold contract for April delivery ended slightly lower, down 1.2 U.S. dollars, or 0.09 percent, to settle at 1,313.90 dollars per ounce.

Optimism over the ongoing U.S.-China trade talks, and the latest progress in Washington which is expected avoid another federal government shutdown, curbed safe haven demand for gold, said analysts.

However, gold prices moved up to positive territory again in the ensuing electronic trading, over an unexpected decline in U.S. retail sales.

The retail sales in December 2018 fell 1.2 percent from the prior month, the worst drop in nine years, the Department of Commerce reported on Thursday.

A weaker economic momentum backed expectations that the U.S. Federal Reserve would pause further interest rate hikes, which pressured the dollar and supported gold.

As for other precious metals, silver for March delivery went down 12.4 cents, or 0.79 percent, to close at 15.528 dollars per ounce. Platinum for April delivery was down 2.60 dollars, or 0.33 percent, to settle at 789.20 dollars per ounce.

(www.chinaview.cn 2019-02-15)