(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
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.
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