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Gold prices dip after U.S. retail sales beat expectations again in September

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(Kitco News) - Gold prices dipped after retail sales came in well above market expectations in September, with August’s print also seeing an upward revision.

U.S. retail sales rose 0.7% last month following a revised increase to 0.8% from 0.6% in August, according to the latest data from the U.S. Commerce Department. Economists' consensus calls projected an increase of 0.3% in September’s headline number.

Core sales, which strip out vehicle sales, were up 0.6% last month, above market expectations of a 0.2% print. The report’s control group, which strips out autos, gas, building materials, and food services, advanced 0.6% after rising 0.3% in August. Spot gold dipped slightly from $1,926.58 just before 8:30 am EDT to $1,920.46 in the minutes following the release, and last traded at $1,923.70, up 0.18% on the day.

 

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