(Kitco News) – The gold market is rallying after the latest data showed American consumers’ spending growth ground to a halt in April.
U.S. retail sales showed a flat print of 0.0% last month following a downwardly revised increase of 0.6% in March, the U.S. Commerce Department announced Wednesday. The data was significantly below expectations, as economists’ consensus calls projected a 0.4% reading in April’s headline number.
Core sales, which strip out vehicle sales, were up 0.2% last month, exactly in line with the consensus, and compared to March’s downwardly revised increase of 0.9%.
Spot gold last traded at $2,368.30, and is up 0.41% in the session.
