Gold Soars on Surprise US Retail Sales Drop

The gold market has rallied after US retail sales data showed a more significant decline than expected in July. According to the U.S. Commerce Department, retail sales fell by -0.6% last month, which is worse than the projected 0.1% increase.

Core sales, excluding vehicle sales, also decreased by -0.3% in July, below the consensus for a 0.2% gain.

Spot gold reached a session high of $4,387 after the data release and last traded at $4,380.88, up 0.68% on the day.