(Kitco News) – The gold market is holding on to modest gains as prices trade above $1,900 even as more U.S. consumers than expected went shopping last month.
U.S. retail sales rose 1.9% in The gold market is holding on to modest gains as prices trade above $1,900 even as more U.S. consumers than expected went shopping last month.
September following an August’s downward revised increase of 0.5%, according to the latest data from the U.S. Commerce Department, released Thursday. The data were stronger than expected as economists were expecting to see an increase of 0.7%.
Meanwhile, core sales, which strips out vehicle sales rose 1.5% last month. Economists were expecting to see a 0.4% rise.
The control group, which excludes autos, gas, building materials, and food services rose 1.4%. Economists were expecting to see a 0.2% increase.
According to some economists, the data bodes well for expectations of a sharper recovery after the U.S. economy was devastated by the COVID-19 pandemic.
“This is a very strong report. As the old saying goes ‘never underestimate the spending power of the US consumer,’” said Adam Button, chief currency strategist at Forexlive.com.
The gold market is seeing little reaction to the better-than-expected