Spot Gold Falls 1.43% to $4,001.40 as U.S. Retail Sales Rise 0.2%
Updated
Updated · Kitco NEWS · Jul 16
Spot Gold Falls 1.43% to $4,001.40 as U.S. Retail Sales Rise 0.2%
2 articles · Updated · Kitco NEWS · Jul 16
Summary
$4,001.40 spot gold slipped 1.43% after June U.S. retail sales rose 0.2%, keeping bullion pinned near the key $4,000-an-ounce support level.
The sales report pointed to resilient consumers: headline retail sales matched forecasts, rose 6.7% from a year earlier, and the GDP-linked control group increased 0.5%.
Core retail sales painted a softer picture, falling 0.2% excluding autos after May's revised 1.0% gain, showing weakness in core goods spending beneath the headline.
For gold, the broader takeaway was still hawkish—steady spending gives the Federal Reserve room to keep prioritizing inflation and potentially raise rates by year-end.
Fifth Third's Bill Adams said positive revisions to April and May sales should lift second-quarter GDP tracking estimates, reinforcing pressure on non-yielding gold.