Gold Drops as U.S. Retail Sales Gain, Easing Economic Concerns
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Gold fell for the second straight day as a jump in U.S. retail sales helped temper concern that the recovery is faltering, eroding demand for the metal as a haven.
Retail sales climbed 0.5 percent in July, the most in four months, the government said today. Yesterday, a report showed that applications for jobless benefits were the lowest since early April. The Standard & Poor’s 500 Index was up more than 5 percent in two days. Gold has advanced 23 percent this year amid mounting sovereign debt in the U.S. and Europe. Yesterday, the metal reached a record $1,817.60 an ounce.