The gold market raises slightly but is off its session peaks since U.S. consumers confidence drops remarkably more than predicted in December.
Gold prices had been in positive area ahead the report, with some buying momentum when the U.S. dollar was weaker and equity markets was falling. Nonetheless, the yellow metal is not seeing considerably reaction into the data. February gold stocks last exchanged at $1,273.90 an ounce, increased 0.05% at market close.
On Thursday, the U.S. Conference Board, mentioned that the Consumer Confidence Index increased to 128.1 point, off from from November’s multi-year high at 135.7. The data was lower than expected at 133.7.
The current outlook lost slightly to 171.6, from 172.7.
“While consumers are finishing 2018 on a strong notice, back to back declines in expectations are reflective of a wide-spreading concern that the speed of economic development begins moderating in the first half of 2019,” Lynn Franco, senior director of economic indicators at The Conference Board.
As the report, U.S. consumers are becoming more concerned with future economic growth. The Expectations Index fell sharply in December to 99.1 from November’s reading of 112.3.