Gold futures drew down toward the milestone price of $1,600 per troy ounce on Tuesday as healthy economic data from the U.S. suggested monetary stimulus to boost the economy was not imminent, Reuters reports.
The nation hosting the globe's largest economic system saw retail sales climb for the first time in four months, also marking the biggest increase since this past February. Demand rapidly grew for items like cars and electronics, which suggested that consumers may be able to propel economic growth during this quarter.
"It looks like the gold market will continue to be held up by the sentiment of expected central bank stimulation," states a Tuesday report authored by Marex Spectron Group, according to Bloomberg. "The downside risk is limited."
At 2:42 p.m. on Tuesday, gold futures dropped 0.67 percent, a $10.80 drop to $1,601.80 per troy ounce.
Gold was set to climb in value on Tuesday as central banks were projected to intervene and bolster their respective economies, according to Bloomberg. Concerns are growing for the euro zone and the sovereign debt crisis' impact on investor confidence, Bloomberg reports.