Gold price near daily highs as U.S. retail sales drop in February gold retailsales economy
The gold market was trading near its new daily highs after retail sales fell in February, showing that consumers are slowing their activity after a strong start to the year.
U.S. retail sales dropped 0.4% last month following a jump of 3.2% in January, according to the latest data from the U.S. Commerce Department. Economists were expecting to see a decrease of 0.3% in last month’s headline number. Core sales, which strip out vehicle sales, fell 0.1% last month, which was in line with market expectations. The report’s control group, which strips out autos, gas, building materials, and food services, was in contrast to the rest of the report, rising 0.5% versus the expected 0.3% drop.
Immediately after the data release, gold held near its daily highs after already registering solid early-morning gains. April Comex gold futures fell last traded at $1,928, up 0.89% on the day. Aside from slowing retail sales activity, gold was also reacting to fears that the banking crisis was yet to be contained. European banking stocks shares tumbled Wednesday, with markets shaky after Credit Suisse shares dropped more than 20%.
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