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.
