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(kitco news) – Gold markets remain near six-month highs, but have little reaction to better-than-expected U.S. economic conditions
The Conference Board said Tuesday that its consumer confidence index fell to 102 this month, compared with October’s revised reading of 99.1. The data beat expectations, as the consensus estimate was expected to rise to 101.
Rising consumer optimism hasn’t had much of an impact on gold. December gold futures are currently trading at $2,027.30 per ounce, close to the session and six-month high, up 0.74% on the day.
The report noted that consumers remain highly pessimistic about the short-term economic health, with the current situation index falling to 138.2, down from 138.3 in October.
At the same time, the expectations index rose significantly to 77.8 from the previous reading of 72.7.
However, the report also noted that sentiment still points to a decline in economic activity in the coming months.
“Although consumer anxiety about an impending recession has eased slightly to its lowest level this year, about two-thirds of consumers surveyed in November still believe there will be a recession to some extent or very much in the next 12 months. ” We recognize that this can happen. This is consistent with a short and shallow recession expected in the first half of 2024,” the report said.
Conference Board Chief Economist Dana Peterson said the survey shows that despite improving sentiment, investors remain concerned about inflation and geopolitical uncertainty. He said it was shown.
“There was general improvement across the range of income groups surveyed in November.Nevertheless, it became clear that consumers remained concerned about general price increases, and・Conflicts and interest rates continue to rise,” Peterson said.
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