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7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June

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  7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June (1)

Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June

Neils Christensen  

Tuesday July 18, 2023 08:39

(Kitco News) - The gold market is holding solid gains, trading near a four-week high. However, it is seeing little new bullish momentum as it appears U.S. consumers spent less last month.

U.S. retail sales rose 0.2% in June, following a revised 0.5% increase in May, according to the latest data from the U.S. Commerce Department. Economists expected a 0.4% increase in last month's headline number.

For the year, headline sales are up 1.5%.

Core sales, which strip out vehicle sales, also missed expectations, rising 0.2% last month versus the projected 0.4% increase.

However, the report's control group, which strips out autos, gas, building materials, and food services, beat expectations, increasing 0.6% last month. Economists were looking for a 0.3% rise.

Although headline and core retail sales missed expectations, some economists note that some of the disappointment has been offset by solid revisions in May. Some analysts note that consumption remains reasonably healthy and should continue to support economic activity.

The gold market is holding on to healthy gains but is not seeing much reaction to the latest economic data. August gold futures last traded at $1,968.80 an ounce, up 0.63% on the day.

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