Gold prices push higher following 1.9% drop in U.S. retail sales

Gold prices have pushed higher as consumers shopped less than expected in December, during what many have described was a disappointing holiday shopping season.

U.S. retail sales fell 1.9% last month, down from November’s 0.3% increase according to the latest data from the U.S. Commerce Department, released Friday; the data significantly missed expectations as economists were forecasting an unchanged reading.

Meanwhile, core retail sales fell 2.3% in December, down from November’s 0.3% increase. Economists were expecting to see a 0.2% increase.

The control group, which excludes autos, gas, building materials, and food services and feeds directly into GDP calculations, fell 3.1%. Economists were expecting to see a 0.1% rise.