Gold price up a bit after weaker U.S. retail sales

(Kitco News) - Gold and silver prices are trading slightly higher in the immediate aftermath of a weaker-than-expected U.S. retail sales report. The gold market bulls have regained the slight near-term technical advantage and have some momentum on their side. More anxiety in the marketplace early this week is adding support the precious metals markets, on safe-haven demand. October gold futures were last up $2.40 at $1,790.00 and September Comex silver was last up $0.019 at $23.81 an ounce.

The just-released U.S. retail sales report for July came in down 1.1% from June versus an expected decline of 0.3%. The markets showed little reaction to the news, but traders are wondering if the larger-than-expected decline in retail sales in July was due to worries about the resurgence of the Covid virus.

Global stock markets were mostly lower overnight. The U.S. stock indexes are pointed to lower openings when the New York day session begins. Risk-off attitudes are on the rise early this week. The stunningly rapid takeover of Afghanistan by the Taliban has left Americans stranded in the country and its own population running scared. This is the biggest crisis yet for the Biden Administration that was caught completely off-guard by the situation in Afghanistan.