Gold futures settled lower Tuesday. Disappointing U.S. retail sales data failed to keep prices from extending their losing streak to a fourth straight session.“Gold is approaching critical support around $1,150 and our expectation in the medium term is that gold is heading even lower,” he said. “Fundamental arguments for a longer-term bull market in gold are strong, but now is not the time to be overweight gold. Gold bugs need to be patient.”
Gold for August delivery on Comex GCQ5, +0.07% fell $1.90, or 0.2%, to settle at $1,153.50 an ounce on Comex — its fourth session loss in a row. Prices had climbed to a high above $1,158 shortly after retail sales data were released, then pulled back.
September silver SIU5, -0.03% gave up 14.2 cents, or 0.9%, to $15.315 an ounce.
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