Gold up on weak U.S. retail sales data

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as weaker- than-expected U.S. retail sales in July curbed speculations that the Federal Reserve would raise interest rates sooner than expected.

The most active gold contract for December delivery rose 3.9 U. S. dollars, or 0.30 percent, to 1,314.5 dollars per ounce.

U.S. retail sales for July totaled 439.8 billion dollars, virtually unchanged from the previous month, up 3.7 percent from a year ago, said the Commerce Department Wednesday. It is the weakest performance since January.

Analysts said the lackluster retail sales, missing market expectation for the second straight month, implied some loss of momentum in the third quarter of the U.S. economy. This has strengthened investors' speculations that the Fed would keep its monetary policy loose for a little longer.

Silver for September delivery lost 6 cents, or 0.30 percent, to close at 19.845 dollars per ounce. Platinum for October delivery lost 2.3 dollars, or 0.16 percent, to close at 1,469.9 dollars per ounce.