Gold settles at highest level in more than 5 weeks

Gold futures on Wednesday logged their highest settlement in more than five weeks after weaker-than-expected U.S. retail sales helped pressure the dollar and raised expectations that the Federal Reserve will push back plans for an interest-rate hike.

Gold for June delivery on Comex GCM5, -0.48%  rose $25.80, or 2.2%, to settle at $1,218.20 an ounce. That’s the highest close since April 6, based on the most-active contracts.

July silver SIN5, -0.76%  spiked by 69.5 cents, or 4.2%, to $17.221 an ounce, with prices marking their highest settlement since mid-February.

The Commerce Department said sales at U.S. retailers were flat in April, while sales excluding autos and gasoline rose just 0.2%. Economists surveyed by MarketWatch had forecast total sales to rise 0.1%, while sales excluding autos and gasoline were expected to rise 0.4%.

Following the downbeat data, the dollar was on track for its worst day in at least a week, with the ICE U.S. dollar index DXY, +0.01%  down roughly 1%.

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