Gold Jumps 1.1% to $4,340 as US August Retail Sales Rise 1.2%
Updated
Updated · Kitco NEWS · Sep 16
Gold Jumps 1.1% to $4,340 as US August Retail Sales Rise 1.2%
3 articles · Updated · Kitco NEWS · Sep 16
Summary
$4,353.78 marked gold’s session high after the Commerce Department reported August retail sales rose 1.2%, with spot bullion later trading at $4,340.98.
Consumer spending beat forecasts across the board: economists had expected a 0.8% headline gain, while annual retail sales rose 6.0% versus a 4.7% consensus.
Core sales excluding vehicles climbed 1.4%, far above the 0.5% estimate, after July’s reading was revised down to a 0.2% decline from flat.
The move left gold near session highs even as the stronger-than-expected data pointed to resilient US consumer demand.