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Gold Pares Gain As U.S. Dec. Retail Sales Rise 0.4%

Kitco News

Editor's Note: Updating earlier story with more details from report, current prices.

(Kitco News) - Gold futures pared overnight gains slightly after a Commerce Department report Friday showing that U.S. retail sales rose by 0.4% to $495.4 billion in December.

Sales excluding autos were also up 0.4%.

The headline number was slightly below consensus expectations compiled by news organizations that had been for around a 0.5% rise in overall sales. However, sales for the prior month were revised upward from a gain of 0.8% to 0.9%.

December sales excluding autos were forecast to be up 0.3%.

As of 8:39 a.m. EST, Comex February gold was up $5.90 to $1,328.40 an ounce an ounce. Two minutes prior to reports on retail sales and the Consumer Price Index, the metal was up $9.60 to $1,332.10 an ounce.

On a 12-month basis, December retail sales rose 4.2%.

Consumer purchases make up the single largest component of U.S. gross domestic product, thus market participants closely monitor the data as a gauge of the economy.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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