Gold Hits Session Peak at $4,387/oz Following 0.6% July Retail Sales Decline

Gold prices climbed to an intraday high of $4,387 per ounce after U.S. retail sales for July came in weaker than forecast. The Commerce Department reported a 0.6% drop, missing expectations for a 0.1% gain and reversing June’s 0.2% increase, while annual growth reached only 5.0% versus the projected 6.0%. Core sales excluding autos fell 0.3%, against forecasts of a 0.2% rise.