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Gold prices unchanged after U.S. retail sales rebound in October

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(Kitco News) Gold prices were largely unmoved after U.S. retail sales rebounded in October, beating expectations.

U.S. retail sales rose 0.3% in October following a drop of 0.3% in September, according to the latest data from the U.S. Commerce Department. Economists were expecting to see an increase of 0.2% in last month’s headline number.

In reaction to the data, December Comex gold futures were unchanged and last trading at $1,467.70, down 0.39% on the day.

The strongest parts of the retail report were higher vehicles sales and gasoline purchases, which increased 0.5% and 1.1% respectively.

At the same time, core sales, which strip out vehicle sales, increased 0.2% last month, coming in below the expected 0.4% increase. The report’s control group, which strips out autos, gas, building materials, and food services, was up 0.3%.

Live 24 hours gold chart [Kitco Inc.]

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