economy

Gold prices near highs as U.S. retail sales surprise with 1.0% gain in July

Kitco Media
By Ernest Hoffman
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Updated
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Gold prices near highs as U.S. retail sales surprise with 1.0% gain in July teaser image

(Kitco News) - The gold market is near session highs after the latest data showed American consumers’ spending growth improving beyond expectations in July.

U.S. retail sales rose 1.0% last month following a flat reading of 0.0% in June, the U.S. Commerce Department announced Wednesday. The data was significantly better than expectations, as economists' consensus calls projected a 0.3% increase in July’s headline number. 

Core sales, which strip out vehicle sales, were up 0.4% last month, above the consensus for a 0.1% increase, and compared to June’s 0.5% print. 

Spot gold spiked to a session high of $2,470.15 per ounce in the moments after the release, and last traded at $2,459.96, up 0.49% on the session.

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Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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