Gold and Silver Retreat on Strong US Data and Retail Sales Report

Gold and silver prices are slightly lower due to better-than-expected US economic data, with both markets hitting five-month lows overnight. The retail sales report for July showed a surprise increase of 0.7% from June, boosting the US monetary policy hawks ahead of the Federal Reserve symposium. Additionally, disappointing economic data from China, including slower growth in industrial output and consumer spending, suggests weaker demand for metals. The Russian central bank raised its main interest rate to 12% from 8.5% in an emergency meeting to stabilize the economy and the depreciating ruble.