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