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(Kitco News) Gold prices fell backwards less than expected July retail sales data.
U.S. retail sales rose 1.2% in July after an upward increase of 8.4% in June, according to the latest data from the U.S. Department of Commerce. Economists expect a 1.9% increase in last month’s headline number.
Immediately after the release, Comex gold futures are down, last trading at $ 1,951.90 down 0.94% on the day.
Core sales, which radiate car sales, advanced 1.9% last month, hitting the expected rise of 1.3%.
The report’s control group, which excludes cars, gas, building materials, and food services, was up 1.4%, also beating profit expectations of 0.8%.
The lower-than-expected retail sales for July point to a continuing need for fiscal stimulus, said economist Katherine Judge of CIBC Capital Markets.
“Although better than expected for the control group measure, these figures do not cover most services, which will be more directly affected by the tightening of social distance limits in the past month. The slowdown in spending still suggests that the economy requires a broad fiscal support package, ”the judge said.
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