(Kitco News) - The gold market rose sharply back above $4,300 after the latest data showed American consumers’ spending growth coming in below expectations.
U.S. retail sales posted a flat 0.0% print in October following a downwardly revised reading of 0.1% in September, the U.S. Commerce Department announced on Tuesday. The data was lower than expectations, as the consensus of economists projected a 0.1% increase in October’s headline number.
In the last 12 months to October, retail sales increased 3.5%, the report said, against expectations for a 2.7% increase and following September’s revised 4.2% increase.
Core sales, which strip out vehicle sales, were up 0.4% in October, against the consensus for a 0.3% increase, and compared to September’s downwardly revised 0.1% print.
Spot gold rose back into positive territory on the day in the moments after the release, and last traded at $4,303.04, down 0.06% on the session.
