Gold prices holding above $1,950 an ounce as U.S. consumer confidence falls less than expected to 102.3
American consumer confidence index fell to 102.3 in May, down from April’s upwardly revised reading of 103.70, the U.S. Conference Board reported Tuesday. The data came in better than expected; according to consensus estimates, economists were looking for sentiment to drop to 99.1.
The gold market is not seeing much reaction to the latest economic data. June gold futures last traded at $1,954.40 an ounce, up 0.52% on the day. “The Expectations Index  has now remained below 80—the level associated with a recession within the next year—every month since February 2022, with the exception of a brief uptick in December 2022,” the report said.
“Their assessment of current employment conditions saw the most significant deterioration, with the proportion of consumers reporting jobs are ‘plentiful’ falling 4 ppts from 47.5 percent in April to 43.5 percent in May. Consumers also became more downbeat about future business conditions, weighing on the expectations index. However, expectations for jobs and incomes over the next six months held relatively steady,” he said.
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