Gold Recovers as Soft Retail Sales Data Eases Fed Hike Odds for September

Gold and silver prices rose in early Friday trading after unexpectedly weak U.S. retail sales for July. Spot gold climbed 0.60% to $4,376.40 an ounce while silver gained 0.66% to $64.740. Sales fell 0.6% versus a forecasted 0.1% increase, lowering the odds of a September 25-basis-point Fed hike to 32-33%.

The 10-year Treasury yield held near 4.6% and the dollar index stayed below 100. Gains were capped by higher oil prices amid tensions in the Strait of Hormuz, with Brent near $88.50 and WTI around $82.80 per barrel.

Geopolitical risks from tanker attacks and sanctions on Iran bolster safe-haven demand yet keep inflation concerns alive. Global markets traded mixed ahead of key sentiment data.