Mar 14, 2024 18:00 IST
US retail sales in February 2024 increased by 0.6% month-over-month, lower than the anticipated 0.8% rise and following an upwardly revised 1.1% decline in January. Notable increases were observed in sales at building materials and garden equipment (2.2%), motor vehicles and parts dealers (1.6%), and electronics appliance stores (1.5%).
Impact Analysis:
Precious Metals: The lower-than-expected retail sales figures may indicate a softer consumer demand, potentially leading to reduced safe-haven demand for precious metals like gold and silver.
Base Metals: With consumer spending showing some weakness, demand for base metals used in manufacturing and construction sectors, such as copper and aluminum, may experience a slight decline.
Crude Oil: Slower retail sales could signal a potential slowdown in economic activity, which may dampen demand for crude oil, impacting its prices in the near term.
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