Gold price hits $4,154/oz after retail sales rise 0.8% in September
(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 0.8% in September following a revised reading of 1.3% in August, the U.S. Commerce Department announced on Thursday.
The data was better than expectations, as the consensus of economists projected a 0.3% increase in September’s headline number.
In annual terms, retail sales increased 6.3%, the report said, against expectations for a 5.2% rise and following August’s revised 5.6% increase.
Core sales, which strip out vehicle sales, rose 0.9% in August, well above the consensus for a 0.5% gain, and following August’s revised 1.4% print.
Spot gold was trading near session highs following the retail sales data, and last traded at $4,154.16 for a gain of 1.20% on the session.
