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


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.

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