Gold futures hit an intraday low of $2004.60 yesterday and closed just off of that low at $2006.50. The $23 decline was largely in response to the retail sales report which revealed that consumer sales rose by 0.6% month over month in December.

The United States Census Bureau released the advanced monthly sales report for December today, revealing that US retail sales rose 0.6% month over month in December 2023.

Recent comments by multiple officials of the Federal Reserve have forced overly optimistic analysts and market participants to have a more realistic viewpoint of the timing and depth of interest rate cuts this year.