(Kitco News) - Gold prices fell to session lows after retail sales came in below market expectations in February, while January’s print also saw a sharp downward revision.
U.S. retail sales rose by 0.6% last month following a revised decrease of -1.1% from -0.8% in January, according to the latest data from the U.S. Commerce Department. Economists' consensus calls projected a 0.8% rise in February’s headline number.
Core sales, which strip out vehicle sales, were up 0.3% last month, below market expectations of a 0.5% increase, and compared to January’s downwardly revised -0.8% reading.
Spot gold sold off on the report, dropping from $2,167 per ounce just before the 8:30 am EST release to a session low of $2,161.91 in the minutes afterward. It last traded at $2,164.70, and is down 0.45% on the day at the time of writing.
