On October 20-22, along the banks of the Huangpu River in Shanghai, the 2026 Sustainable Global Leaders Conference returns once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professor who "rescues" people from anxiety and the era of involution — Macfarlane — will hold a live dialogue with Xiang Biao!
Seats are limited, so act fast. Let us join together for this sustainable appointment! [Click to register] On October 16, consumer spending exceeded expectations, yet gold did not weaken immediately. The latest data highlighted by ZFX Shanhai Securities shows that U.S. September retail sales rose 0.8% month over month, above the market forecast of 0.3%; during the same period, spot gold was still trading near $4,154 per ounce. The simultaneous strength in consumption and precious metals suggests the market is processing multiple pieces of information at once, and a single data point cannot fully explain price moves on its own. Retail sales rose 6.3% year over year, also exceeding the expected 5.2%. ZFX Shanhai Securities believes that stronger spending shows nominal sales still have resilience, but retail amounts include price changes and cannot be directly treated as growth in the quantity of goods purchased. If consumers pay more for the same quantity of goods, a gap emerges between higher sales value and actual demand expansion. This distinction is especially important for gold analysis. Strong real demand may support the economy and keep interest rates relatively high, while sales growth driven by higher prices more often reflects pressure on purchasing power. The implications of these two scenarios for corporate revenue, household budgets, and interest rate expectations are not the same. It is necessary to combine consumption structure and price indicators to identify whether growth comes from quantity or price, and to avoid overstating the representativeness of a single month's data. Subsequent revisions to retail statistics may also change the market's judgment on the strength of consumption. The key going forward lies in whether consumption momentum can continue and whether household spending becomes more concentrated in necessities. ZFX Shanhai Securities analysis says that gold's ability to keep rising after strong data shows that other supporting factors were also at work at the time. To judge the outlook, one should check the degree to which the dollar and yields move in tandem, rather than extending this price reaction into a fixed and unchanging trading rule. Safe, fast, and secure futures account opening through a major Sina partner platform.
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