Gold prices ignore 0.6% rise in U.S. retail sales

Gold held a strong bid despite hotter-than-expected U.S. retail sales, with spot gold last at $4,735.90/oz, up nearly 1.5% on the day. February retail sales rose 0.6% versus expectations for a 0.5% decline, while core sales gained 0.5% and the control group rose 0.5%, both beating forecasts. The price action suggests the market is currently looking through a modestly stronger consumer print rather than repricing for a hawkish Fed shift. The macro read-through is still theoretically bearish for bullion: stronger consumption supports growth and can keep the Fed on hold longer, lifting gold’s opportunity cost. But the article notes no immediate volatility in the gold market, implying that other drivers — likely safe-haven demand and broader rate-cut expectations — are offsetting the data surprise. Near term, traders will watch whether gold can extend above the current move without giving back gains if real rates and the dollar firm. The key risk is that a sequence of upside U.S. data could delay easing expectations and cap momentum, while any inflation or labor-market softness would quickly restore support for the metal.