The price of gold fell on that day as US retail sales disappoint in July

0
75


Editor’s Note: In just a few minutes, discover our quick roundup of the must-see news and expert opinions that have moved precious metals and financial markets. Register here!(Kitco News) Gold prices edged down after worse than expected retail sales data in July.
U.S. retail sales rose 1.2% in July after rising 8.4% revised upward in June, according to the latest data from the U.S. Department of Commerce. Economists expected to see a 1.9% increase in last month’s headline issue.
Immediately after the release, December’s Comex gold futures fell, with the last trade at $ 1,951.90 down 0.94% on the day.
Core sales, which eliminate vehicle sales, rose 1.9% last month, beating an expected increase of 1.3%.
The report’s control group, which excludes autos, gasoline, building materials and food services, rose 1.4%, also beating expectations of a 0.8% gain.
Lower than expected retail sales for July indicate a continued need for fiscal stimulus, said Katherine Judge, CIBC Capital Markets economist.
“While better than expected on the comparison group measure, these numbers do not include most services, which will have been more directly affected by the tightening of social distancing restrictions over the past month. The deceleration in spending still suggests that the economy needs a broad budget support program, ”Judge said.

24 hour live gold card [Kitco Inc.]

Warning: The opinions 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 the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

LEAVE A REPLY

Please enter your comment!
Please enter your name here