US Consumer Confidence Slips to 93.1 in May as Gold Holds Above $4,500
Updated
Updated · Kitco NEWS · May 26
US Consumer Confidence Slips to 93.1 in May as Gold Holds Above $4,500
15 articles · Updated · Kitco NEWS · May 26
The Conference Board’s Consumer Confidence Index fell to 93.1 in May from 93.8 in April, a smaller drop than economists expected.
Dana Peterson said the decline reflected inflation impacts from the Middle East war, with consumers less upbeat on current business conditions and the labor market.
Income expectations also weakened in May, even as views on business conditions and jobs six months ahead improved modestly.
Spot gold traded at $4,509.10 an ounce, down more than 1% on the day, as the metal found support above $4,500 but drew little fresh buying from the data.
The broader backdrop remains the Iran war, which has lifted oil prices, stoked inflation fears and deepened recession concerns.
With consumer sentiment at record lows, are economic models failing to measure what truly matters?
Is the 'vibecession' now a permanent feature of the American economy?
How will the Iran conflict permanently remap global energy and trade routes?