Precious Metals Preview: Gold attempts recovery in early Asia

COMEX gold futures are attempting recovery on Friday morning in Asia after incurring loss in the previous session tracking an upmove in dollar as solid economic data from the United States supported the Federal Reserve?s (Fed) stance to hold rates unchanged. US retail sales rose 0.6% on month in June, well above the 0.1% forecast, rebounding from May?s sharp 0.9% drop. Core retail sales, which exclude autos and gas, also climbed 0.5%, up from 0.2% previously. Initial jobless claims fell to 221,000 last week, below the expected 235,000, signaling ongoing tightness in the labor market. Meanwhile, the Philadelphia Fed manufacturing index surprised to the upside, surging to 15.9 in July from -4.0 in June, far exceeding market expectations of -1. Currently, the yellow metal is quoting at $3349.20 an ounce, up 0.12% on the day.

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