(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
"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. ”
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