Gold Prices Surge as U.S. Retail Spending Stumbles

The Commerce Department report revealed a broad-based weakness in the American consumer sector. Following an unrevised 0.2% reading in June, the July figures fell significantly short of expectations. Annual growth also slowed to 5.0%, trailing the anticipated 6.0% mark and marking a deceleration from the previous month’s 6.7% increase.

Core sales, excluding the volatile automotive sector, mirrored this downward trend with a 0.3% decline. This result stands in stark contrast to the 0.2% gain that analysts had projected. Investors responded to the softer economic data by shifting capital into precious metals, with gold last trading at $4,380.88, reflecting a 0.68% gain for the session.