A report released at 10 AM ET showed that wholesalers' inventory levels for March were up 1.1%, which was a slightly greater rise than February's 1.0%. March sales were up 2.9%, and the inventory-to-sales ratio was 1.13.
Gold's fall, which started just before the start of regular trading, continued until the metal reached $1,506 just after 9:00. Initially crawling back to around $1,510, it picked up steam after this report was released; soon afterwards, it had climbed to $1,516. Although the report may have had some influence, the prior softening of the greenback had more to do with the recovery than wholesale inventory levels. Still, the report didn't hurt.