US Retail Sales Surge 1.2% in August, Boosting Gold Market

The US gold market is trading near session highs after retail sales data showed American consumers' spending rising more than expected in August. The U.S. Commerce Department announced on Wednesday that retail sales rose 1.2% in August, beating economists' consensus of a 0.8% increase.

This is the second consecutive month that US retail sales have posted an increase. In annual terms, retail sales increased by 6.0%, exceeding expectations for a 4.7% rise.

Core sales, which exclude vehicle sales, also saw significant growth, rising 1.4% in August against a consensus of a 0.5% gain.