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Spot gold spikes to session high $4,048/oz after Consumer Confidence at 91.2 in June
KITCO • • general
Key Points:
- Gold prices reached session highs, trading at $4,047.71 per ounce, following mixed U.S. consumer sentiment data for June.
- The Consumer Confidence Index rose to 91.2, below expectations but higher than May’s revised 90.6, with the Present Situation Index declining and the Expectations Index improving.
- Consumer perceptions of current labor market conditions weakened, with the percentage saying jobs are “hard to get” rising to 22.5%, the highest since January 2021.
- Expectations for business conditions and household income improved, while confidence varied across age groups and political affiliations, with younger consumers showing the highest confidence.
- Despite some optimism, consumer concerns remained focused on inflation, prices of oil, gas, food, tariffs, politics, labor market issues, health insurance, and geopolitical tensions.
