Gold Price Dips to $1,193.36 After Retail Sales Data

Weaker-than-expected sales data released by the US Department of Commerce reinvigorated investor interest in safe-haven commodities like gold, but the metal still fell 0.4 percent on Tuesday to hit $1,193.36 per ounce, Reuters reported.

Meanwhile, US gold for June delivery fell $6.50, to $1,192.90.

Retail sales only rose 0.9 percent in the last quarter, missing analysts’ predictions of a 1-percent gain. However, that performance wasn’t enough to entirely dampen investors’ desire to move away from gold and into assets that pay interest ahead of an expected Federal Reserve interest rate hike.