(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.
