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Gold Prices Jump Modestly Following Weaker Than Expected Feb U.S. Retail Sales



(Kitco News) – The gold market is closed to unchanged levels as U.S. Consumers spent less than expected in February. retail sales fell 0.2% in February according to the latest data from the U.S. Commerce Department. Economists were expecting to see a 0.3% increase in retail sales.

Core sales, which dropped out vehicle sales dropped 0.4% last month, up from January's of 0.9% increase. Economists were expecting to see a 0.4% increase

Meanwhile, the control group, which excludes autos, gas, building materials, and food services dropped 0.2% last month, beating the expected rise of 0.3%.

The gold market, which was under pressure ahead of the data is seeing which is buying momentum in an initial reaction. June 1

0, 2010 – Avery Shenfeld, senior economist at CIBC World Markets said that the latest retail sales numbers should be taken with a grain of salt as February's weak data was counterbalanced with strong revisions to January's data

"Today's retail sales data for the US reminded us to treat these" advance "figures with due skepticism," he said. “Total retail sales dropped 0.2%, but that now comes after a 0.7% January gain that had previously been reported as only a 0.2% gain. We're going to hear about the "polar vortex" (previously known as "winter") in explanation away these data and weak Q1 earnings coming up for US companies, as well as the government shutdown, and we still expect the economy to do better in the jump. ”

Disclaimer: The views expressed in this article are of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and / or damages arising from the use of this publication.


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