The retail data of 0.6% is higher than the expected 0.4%, indicating that American consumers are still buying and there are no signs of economic recession. If the economy is too good, the Federal Reserve has even less reason to rush to cut interest rates. PPI of 3% is higher than the expected 2.7%. As the Producer Price Index is a leading indicator of CPI, this suggests that inflationary pressure on the supply chain side remains stubborn and may be transmitted back to CPI in the future. So tonight, both data points weakened the expectation of interest rate cuts, which is not good for risk assets, nor is it good for interest free assets such as gold and silver. As soon as the data came out, gold quickly rebounded after a short-term decline, with a short-term volatility of nearly $10.