Gold and Silver Rise as Weak Retail Sales Lower Fed Hike Odds

Spot gold traded near $4,373.50 per ounce, rising 0.53%, while silver reached $64.530, up 0.32%. Gains were driven by a softer U.S. dollar and reduced Federal Reserve rate-hike expectations, outweighing higher Treasury yields tied to oil-market risks. July retail sales fell 0.6% versus an expected 0.1% gain, and the preliminary University of Michigan consumer-sentiment index dropped to 51.0 from 55.2. Combined with prior inflation data, this lowered the odds of a September Fed hike to 29%. Equity markets closed mostly lower. Geopolitical tensions in the Strait of Hormuz kept oil elevated, with Brent near $88 and WTI around $82 per barrel, while the 10-year Treasury yield held near 4.7%. Technically, gold resistance stands at $4,416.82 with support at $4,311.04; silver targets resistance at $65.44.