Daily Gold Update

Source: Marketwatch

New York— Gold and other metals futures closed higher Tuesday, after U.S. data on retail sales and inflation came in better than forecast, possibly relieving some pressure from the Federal Reserve to expand its monetary stimulus. The dollar also dipped ahead of the 2:15 p.m. Eastern time Federal Reserve policy statement. Gold for February delivery added $6.30, or 0.5%, to $1,404.30 an ounce by the close of trading on the Comex division of the New York Mercantile Exchange. Earlier, the precious metal had risen to $1,408.90 an ounce.

Silver for March delivery added 16 cents, or 0.6%, to $29.79 an ounce. Platinum and palladium also closed with healthy gains. The U.S. government reported retail sales rose 0.8% in November, while a separate report said producer prices rose 0.8% last month. Both increases topped forecasts. See full story.