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Home / Business / Gold prices remain stable as US consumer optimism falls to nearly 2-year lows

Gold prices remain stable as US consumer optimism falls to nearly 2-year lows



(Kitco News) – The gold market is holding on to strong earnings and sees little reaction as US consumers are less optimistic in June fell to 121.5, compared with 134.10 in May, and were absent the expectations. According to consensus forecasts, economists expected a value of 132.0.

According to the report, this is the lowest since September 2017.

The gold market barely reacts to weaker than expected data. However, disappointing consumer sentiment, according to some economists, could continue to weigh on economic expectations and support further Fed interest rate cuts.
August gold futures recently traded at $ 1,435.90 an ounce, an increase of 1.25% per day.

The report was broadly flawed as the Present Situation Index had fallen from 1

70.7 in May to 162.60. In the meantime, the Exaptation Index fell from 105 to 94.1.

The Conference Board also warned that consumer sentiment may continue to decline as US-China trade tensions escalate.

"The decline in the present situation index was due to a less favorable assessment of business and labor market conditions. Consumer expectations regarding the short-term outlook have also fallen, "said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "The tightening of trade and customs tensions earlier this month seems to have shaken consumer confidence. Although the index remains at a high level, continued uncertainty could lead to further volatility in the index and even reduce consumer confidence in expansion at some point in time.

Disclaimer: The Views from This article is those of the author and may not reflect those of Kitco Metals Inc. . The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a request to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no liability for any loss or damage arising out of the use of this publication.


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