The spot gold price has declined to around 2022 $/oz. from about 2036 $/oz. This came after the confirmation from the Federal Reserve that it will continue in its rate hike. Also, the decline in US retail sales by more than expected has supported the decrease in the spot price.

Federal Reserve Governor Christopher Waller argued on Friday that the recent data show that the Fed hasn’t made much progress on its inflation goal and added that rates need to rise further.

The data published by the US Census Bureau revealed that retail sales in the United States declined 1% on a monthly basis in March to $691.7 billion. This came versus the expectations of -0.4% only.