(Kitco News) - The gold market is seeing some selling pressure after the latest data showed American consumers’ spending growth improved beyond expectations last month.
U.S. retail sales rose 0.4% in October following an upwardly revised increase of 0.8% in September, the U.S. Commerce Department announced Thursday. The data was better than expectations, as economists' consensus calls projected a 0.3% increase in October’s headline number.
In the last 12 months, retail sales increased 2.8%, the report said, against expectations for a 1.9% reading and following September’s revised 2.0% print.
Core sales, which strip out vehicle sales, were up 0.1% last month, below the consensus call for a 0.3% increase, and compared to September’s upwardly revised 1.0% print.
Spot gold sold off sharply in the moments after the release, and last traded at $2,562.16 per ounce for a loss of 0.10% on the session.
