Gold, silver climb as US yields fall on softer retail sales

Gold and silver prices rose on Wednesday as US Treasury bond yields fell after data showed December retail sales growth stalled, signalling a softening economy ahead of key jobs data. Lower US yields reduce the opportunity cost of holding non-yielding assets such as gold, and they often accompany macroeconomic shifts, like expectations of slower growth or looser policy, that tend to support precious metals. Spot gold was 0.7% higher at $5,057.23 per ounce by 0423 GMT. US gold futures for April delivery gained 1% to $5,081.40 per ounce. Spot silver was up 2.3% at $82.56/oz, after falling more than 3% in the previous session. Over the last couple of weeks, (precious metals) became very dislocated from fundamentals, so it pretty much decoupled from interest rate policy.