Gold futures tilted higher in the asian market today to reach the highest price since August 13th, when it tested the highest since April 12th, 2013, as US dollar fell from its highest since the fifth of this month for the second session, according to the inverse relation between them and on the threshold of major economic data releases expected today by the US economy.

As of 04:13 GMT, gold futures (December 15 delivery) rose by 0.29% to $1,531.10 an ounce from the opening of $1,526.60, as dollar fell by 0.02% to 97.93 points from the opening of 97.95.

Investors are anticipating the release of US retail sales data today, which account for about half of consumer spending, which is a primary gauge of consumer spending and two-thirds of US GDP, as the monthly reading is expected to show growth by 0.3% from 0.4% in June, while the core reading is expected to stabilize at 0.4%, unchanged from June.

In addition to the release of the preliminary reading of the Unit Labor Costs q/q, which may rise by 1.7% in Q2 vs. a decline by 1.6% in Q1, while the Nonfarm Productivity q/q may show slower growth to 1.4% compared to 3.4% in Q1, and the unemployment claims may show an increase of 3 thousand applications vs. 212 thousand applications last week.

With the release of Philly Fed manufacturing index, which contract to 10.1 vs. 21.8 in July, with the Empire State manufacturing index may also show a contraction of 2.1 vs. 4.3 in July, and the Industrial Production may grow by 0.1% vs. zero in June.

Additionally, the capacity utilization rate reading may slow to 77.8% vs. 77.9% in June, and the housing market data may rise to 66 vs. 65 in July, with the wholesale inventories, which may slow to 0.1% vs. 0.3% in May.

Concerns mounted over the US economy recession after the two-year and 10-year bond yield curve inversion for the first time since 2007.

Yesterday, the German GDP reading showed that it shrank by 0.1% in Q2, vs growth by 0.4% in Q1, and unemployment rates rose in July, which has raised worries over the largest European economy slowing down due to trade protectionism.

The US Treasury announced last Tuesday the delay of the 10% tariffs increase decision on Chinese imports until December 15 instead of September 1st, and Trump stated that communications with the Chinese side have been constructive and the decision is due to the holiday season because the tariffs have an impact on shopping.