Gold flips positive on soft retail sales — and 2026 targets keep rising

Gold turned higher after fresh U.S. data hinted at softer consumer momentum. Kitco reported the metal “rose sharply” back above $4,300 after October retail sales came in flat (0.0%), with September revised to 0.1% and economists looking for a 0.1% gain in October.

The bigger takeaway: markets are still extremely sensitive to anything that nudges the rate outlook. If upcoming jobs data cools, it can reinforce the “lower rates / lower real yields” setup that historically supports gold.

Zooming out, Kitco’s 2026 outlook coverage is already pushing the conversation toward what could be next: one fund manager argues $5,000 gold in 2026 may be a stepping stone—and that miners could be where the “real opportunity” shows up if the uptrend continues.

Quick watchlist: jobs data, real yields, USD strength, and whether miners start outperforming bullion

Sources:

Hoffman, Ernest. “Gold prices turn positive after U.S. retail sales come in flat at 0.0% in October.” Kitco News, 16 Dec. 2025, https://www.kitco.com/news/article/2025-12-16/gold-prices-turn-positive-after-us-retail-sales-come-flat-00-october. Kitco+1

Christensen, Neils. “Gold at $5,000 in 2026 is just the beginning: why one fund manager says the real opportunity lies in miners.” Kitco News, 17 Dec. 2025, https://www.kitco.com/news/article/2025-12-17/gold-5000-2026-just-beginning-why-one-fund-manager-says-real-opportunity. Kitco