Weaker-than-expected U.S. consumer confidence pushes gold price higher

Weaker-than-expected U.S. consumer confidence pushes gold price higher

Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) Gold prices edged up after the U.S. consumer confidence index came in short of market expectations in October.

American consumer confidence index declined to 100.9 in October, from September’s downwardly revised reading of 101.30, the U.S. Conference Board reported Tuesday. Economists were expecting to see the index at a reading of 102.0.

Gold prices ticked up towards daily highs after the data release with the December Comex gold futures last trading at $1,909.80 an ounce, up 0.22% on the day.

Traders closely watch the consumer optimism survey as it is a potential leading indicator for economic growth. The more optimistic consumers feel, the more likely they are going to spend money and vice versa.The Present Situation Index, which describes consumers’ […]

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