Boost in retail sales knocks gold

U.S. consumer spending jumped by 0.7% in August, boosting the U.S. dollar and sparking another sell-off in gold.

Key Takeaways:

  • After failing at $1,833 earlier this month, gold has dropped 4% so far in September.
  • Retail sales in August beat expectations, signaling a strong recovery through the Delta variant and hurting safe-haven demand for gold.
  • The tight labor market is boosting wages, but low-income workers are no better off because inflation is eating the gains.
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