Weak retail data reignites expectations of interest rate cuts, sending gold prices back above $5,050.

According to ME News, on February 11 (UTC+8), gold prices opened slightly higher after weak US retail sales data supported the Federal Reserve's case for an interest rate cut, and are currently trading around $5,050 per ounce. Yesterday's data showed that US consumer spending unexpectedly stalled in December, reflecting anxiety about the cost of living and setting the tone for Wednesday's highly anticipated delayed January jobs report. Any further reduction in borrowing costs would be beneficial for gold, as it does not generate interest and typically benefits in a low-interest-rate environment. The precious metal surged to a record high in late January before plummeting. Since then, gold prices have recovered about half of their losses and have been fluctuating around $5,000 per ounce this week. (Source: ME)