Mixed Economic Signals: US Retail Sales Drop While Gold Prices Rise
TL;DR
Gold prices rose to daily highs after US retail sales fell by 0.4% in February, indicating a slowdown in consumer activity. The drop in sales is expected to continue due to the banking contagion fear and the return of seasonal weather. Gold prices were also reacting to fears that the banking crisis was yet to be contained, with European banking stocks tumbling after Credit Suisse shares dropped more than 20%. April Comex gold futures last traded at $1,928, up 0.89% on the day.
Topics:businessfinance#banking-crisis#credit-suisse#finance#gold#retail-sales#us-commerce-department
- Gold price at daily highs as U.S. retail sales drop in February Kitco NEWS
- U.S. Consumer Spending Declined in February After Hot Start to Year The Wall Street Journal
- The unexpected American shopping spree seems to have cooled NPR
- Americans pulled back on their spending in February, after a strong January CNN
- US Producer Prices Unexpectedly Fall Bloomberg Television
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