Gold prices surge above $4,300 on weak U.S. spending data
Gold prices climbed sharply back above $4,300 an ounce after fresh U.S. economic data revealed softer-than-expected consumer spending.
October’s retail sales showed no growth, missing projections for a slight increase and reflecting a broader trend of subdued economic momentum.
Though annual retail sales still posted a healthy 3.5% gain, the monthly stagnation hinted at potential cracks in consumer demand.
However, core retail sales, which exclude vehicles, exceeded expectations with a 0.4% rise, suggesting some underlying resilience.
The labor market also presented a mixed picture.
Despite November job creation beating forecasts with 64,000 new positions, the uptick in unemployment to 4.6%—alongside the lack of October data due to a government shutdown—underscored a decelerating employment trend.
Following the economic releases, gold initially saw some volatility but continued to hold steady around the $4,300 mark. Gold rallied as high as $4,327 per troy ounce in early trading on Tuesday.
The precious metal appears to be finding a new support level, drawing modest bullish sentiment as investors weigh economic uncertainty against lingering labor strength.
Meanwhile silver continued to trade north of $63 per ounce, not far from all-time highs. The argent metal is up nearly 120% year-to-date after falling below $29/oz in January.
Author
Drew Wolfer
Verified Investing
Family, Experiences, Morals, Values. Life. The way you live is what defines you. Drew lives by this code, if even to a fault.
