Gold Steadies After Week of Gains

An increase in the dollar and an improving U.S. economy caused gold prices to ease July 15. Spot gold prices were at $1,285.14 an ounce today, an increase of $1.29. Gold futures for August delivery rose $6.80 to $1,284.30 an ounce, Reuters reported.

The steadying of gold today comes after the precious metal experienced its largest weekly percentage increase in nearly two years last week. However, as retail sales data improves in the United States, investors expect the Fed to taper its stimulus program.

“There is expectation that U.S. retail sales may be a fairly good number following the steady improvement we have seen in the past few months, which of course could add to the picture that will impact on the Fed’s decision to taper stimulus,” Danske Bank analyst Christin Tuxen told Reuters.

Positive growth data from China has also impacted gold prices today, MarketWatch reported.