Neils Christensen Tuesday July 16, 2019 08:34
(Kitco News) – Gold prices are under pressure but continue to hold above $1,400 an ounce as it competes with rising “risk on sentiment in the market place” as U.S. consumers spend more than expected last month.
Tuesday U.S. retail sales rose 0.4% in June following May’s revised increase of 0.4%, according to the latest data from the U.S. Commerce Department; the data was better than as economists were expecting to see an increase of 0.1%.
Core sales, which strips out vehicle sales increased 0.4% last month, compared to May’s revised increase of 0.5%. The data was also beat expectations.
Meanwhile, the control group, which excludes autos, gas, building materials, and food services increased 0.7% last month, beating the expected rise of 0.3%.
Gold prices were modestly positive ahead of the data and have dipped into negative territory in initial reaction. August gold futures last traded at $1,411.60 an ounce, down 0.15% on the day. (READ MORE)
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