(Kitco News) - The gold market continues to trade near session highs after the latest data showed American consumers’ spending growth coming in above expectations.
U.S. retail sales rose 0.6% in November following a downwardly revised reading of -0.1% in October, the U.S. Commerce Department announced on Wedesday.
The data was better than expectations, as the consensus of economists projected a 0.4% increase in November’s headline number.
In the last 12 months to November, retail sales increased 3.3%, the report said, against expectations for a 3.0% increase and following October’s downwardly revised 3.3% increase.
Core sales, which strip out vehicle sales, were up 0.5% in November against the consensus for a 0.4% increase, and compared to October’s downwardly revised 0.2% print.
Spot gold continued to trade near the upper edge of its daily range in the moments after the release, and last traded at $4,631.97 for a gain of exactly 1.00% on the session.
