(Kitco News) - The gold market is seeing some volatility after the latest data showed American consumers’ spending growth improving beyond expectations in September.
U.S. retail sales rose 0.4% last month following a reading of 0.1% in August, the U.S. Commerce Department announced Thursday. The data was better than expectations, as economists' consensus calls projected a 0.3% increase in September’s headline number.
In the last 12 months, retail sales increased 1.7%, the report said, against expectations for a 1.6% reading and following August’s revised 2.2% print.
Core sales, which strip out vehicle sales, were up 0.5% last month, well above the consensus call for a 0.1% increase, and compared to August’s upwardly revised 0.2% print.
Spot gold whipsawed in the moments after the release, and last traded at $2,676.40, up 0.09% on the session.
