(Kitco News) - The gold market is off session lows after the latest data showed American consumers’ spending growth was weaker than expectations last month.
U.S. retail sales rose 0.2% in February following a revised decrease of 1.2% in January, the U.S. Commerce Department announced on Monday. The data was worse than expectations as economists' consensus calls projected a 0.6% increase in February’s headline number.
In the last 12 months, retail sales increased 3.1%, the report said, against expectations for a 3.5% reading and following January’s revised 3.9% increase.
Core sales, which strip out vehicle sales, were up 0.3% last month, below the consensus call for a 0.4% increase, and compared to January’s revised -0.6% print.
Spot gold has seen some wild swings already on Monday morning. It sold off sharply at 7:46 am EST after failing multiple attempts to break above $3,000 per ounce.
Spot gold last traded at $2,990.89 per ounce for a gain of 0.20% on the session.
