Gold rallies to session high $4,387/oz after retail sales drop -0.6% in July

(Kitco News) - The gold market is rallying after the latest data showed American consumers’ spending declining more than expected last month. U.S. retail sales fell -0.6% in July following an unrevised reading of 0.2% in June, the U.S. Commerce Department announced on Friday. The data was far worse than expectations, as the consensus of economists projected a 0.1% increase in July’s headline number. In annual terms, retail sales increased 5.0%, the report said, against expectations for a 6.0% rise and following June’s unrevised 6.7% increase. Core sales, which strip out vehicle sales, fell -0.3% in July, well below the consensus for a 0.2% gain, and following June’s unrevised -0.2% print. Spot gold shot to a session high of $4,387 in the moments after the release, and last traded at $4,380.88 for a gain of 0.68% on the session. Ernest Hoffman Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339. Tags: U.S. retail sales report Core Retail sales retail sales Share Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.