11.03.201915:43:00UTC+00Gold Futures Settle Lower As Stocks Rise On Retail Sales Data

Gold prices declined on Monday as traders went for equities, buoyed by encouraging U.S. retail sales and business inventories data.

The dollar, considered another safe haven, was weak as well. The dollar index dropped to 97.16 before edging up to 97.24, still down by about 0.15% from previous close.

Gold futures for April ended down $8.20, or 0.6%, at $1,291.10 an ounce.

On Friday, gold futures for April ended up $13.20, or 1%, at $1,299.30 an ounce, as equities tumbled on weak economic data and uncertainty about trade talks and Brexit.

Silver futures for May ended down $0.075, at $15.274 an ounce, while Copper futures for May settled up $0.0075, at $2.9010 per pound.

Data released by the Commerce Department showed an unexpected uptick in U.S. retail sales in January.

The Commerce Department said retail sales rose by 0.2% in January after tumbling by a revised 1.6% in December.

Economists had expected retail sales to come in unchanged compared to the 1.2% slump originally reported for the previous month.

Excluding a steep drop in auto sales, retail sales climbed by 0.9% in January after plummeting by a revised 2.1% in December.

Ex-auto sales had been expected to increase by 0.3% compared to the 1.8% plunge originally reported for the previous month.

According to another data from the Commerce Department, business inventories in the U.S. increased by 0.6% in the month of December, in line with expectations.

Wholesale and retail inventories jumped by 1.1% and 0.9%, respectively, while manufacturing inventories were unchanged.