Gold Pares Gain As U.S. Dec. Retail Sales Rise 0.4%
Editor's Note: Updating earlier story with more details from report, current prices.
(Kitco News) - Goldfutures pared overnight gains slightly after a Commerce Department report Fridayshowing that U.S. retail sales rose by 0.4% to $495.4 billion in December.
Sales excluding autos were also up 0.4%.
The headline number was slightly below consensusexpectations compiled by news organizations that had been for around a 0.5%rise in overall sales. However, sales for the prior month were revised upwardfrom a gain of 0.8% to 0.9%.
December sales excluding autos wereforecast to be up 0.3%.
As of 8:39 a.m. EST, ComexFebruary gold was up $5.90 to $1,328.40 an ounce anounce. Two minutes prior to reports on retail sales and the Consumer PriceIndex, the metal was up $9.60 to $1,332.10 an ounce.
On a 12-month basis, December retail sales rose4.2%.
Consumer purchases make up the singlelargest component of U.S. gross domestic product, thus market participantsclosely monitor the data as a gauge of the economy.
By Allen SykoraFor Kitco News
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