Gold Prices Hit Session Lows Following Strong Revisions In U.S. Retail Sales
(Kitco News) - The gold market is being hit with renewed selling pressures as U.S. consumers continue to spending money ahead of the holiday shopping season.
U.S. retail sales rose 0.2% in November following October’s upwardly revised increase of 1.1%, according to the latest data from the U.S. Commerce Department. November’s data were in line with economists’ expectations.
Core retail sales so came in line with expectations, rising 0.2% last month. October’s data was also revised up to 1%.
"American shoppers were out in full force in November, with retail sales posting a very strong advance excluding the fall in gasoline prices," said Katherine Judge, senior economist at CIBC World Markets
The data has giving the U.S. dollar a further boost, dragging down gold prices to session lows. February gold futures last traded at $1,238.60 an ounce, down 0.71% on the day.
Judge added that the latest data should help boost economic growth in the fourth quarter.
"This is consistent with the Fed raising interest rates at their meeting next week and we have revised our consumption forecast for Q4 up in line with recent strong indicators of spending growth," she said.