Spot Gold Hits $4,048 After June Confidence Misses 94.2 Forecast
Updated
Updated · Kitco NEWS · Jun 30
Spot Gold Hits $4,048 After June Confidence Misses 94.2 Forecast
2 articles · Updated · Kitco NEWS · Jun 30
Summary
Spot gold jumped to $4,047.71 an ounce after the Conference Board said June consumer confidence rose to 91.2, up from a revised 90.6 in May but below the 94.2 consensus.
The mixed report showed current conditions weakening even as expectations improved: the Present Situation Index fell 3.0 points to 116.4, while the Expectations Index rose 3.0 points to 74.4.
Labor-market sentiment softened most, with the share of consumers saying jobs were hard to get rising to 22.5%—the highest since January 2021—and the labor-market differential dropping 2.6 points to +2.4%.
The data covered June 1-23, including an extension of the U.S.-Iran ceasefire, and followed earlier support for gold from resilient JOLTS data that underscored a still-uncertain U.S. economic outlook.