Gold prices continue to struggle despite 1.3% drop in U.S. retail sales

New York (Jun 15)  The gold market is struggling to hold in positive territory even as U.S. consumers spent less than expected in May.

U.S. retail sales dropped 1.3% in May, down from April’s revised increase of 0.9%, according to the latest data from the U.S. Commerce Department, released Tuesday; the data significantly missed expectations as economists were forecasting to see an 0.6% drop.

In initial reaction, the gold market is not seeing any significant bullish traction following the disappointing consumer data. August gold futures last traded at $1,866.80 an ounce, roughly unchanged on the day.

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