(Kitco News) - The gold market is trading near session highs after the latest data showed American consumers’ spending rising more than expected last month.
U.S. retail sales rose 1.2% in August following an unrevised reading of -0.6% in July, the U.S. Commerce Department announced on Wednesday.
The data was better than expectations, as the consensus of economists projected a 0.8% increase in August’s headline number.
In annual terms, retail sales increased 6.0%, the report said, against expectations for a 4.7% rise and following July’s unrevised 5.0% increase.
Core sales, which strip out vehicle sales, rose 1.4% in August, well above the consensus for a 0.5% gain, and following July’s downwardly revised -0.2% print.
Spot gold spiked to a session high of $4,353.78 around 7:30 am ET, and last traded at $4,340.98 for a gain of 1.10% on the session.
