Spot Gold Nears $4,000 as U.S. Sentiment Hits 54.4 and 1-Year Inflation View Falls to 4.2%
Updated
Updated · Kitco NEWS · Jul 17
Spot Gold Nears $4,000 as U.S. Sentiment Hits 54.4 and 1-Year Inflation View Falls to 4.2%
3 articles · Updated · Kitco NEWS · Jul 17
Summary
$3,998.51 spot gold traded near its session high after the University of Michigan’s July sentiment reading beat forecasts, lifting 0.55% on the day and putting bullion close to reclaiming $4,000 an ounce.
July consumer sentiment rose to 54.4 from 49.5 in June, above the 51 consensus, as easing gasoline prices helped drive a second straight monthly jump of about 10%.
One-year inflation expectations eased to 4.2% from 4.6%, while long-run expectations held at 3.3%, with both still elevated versus historical norms.
Michigan said more than 70% of interviews were completed before renewed U.S. strikes against Iran on July 7 and the subsequent rise in gas prices, a shift that could test whether sentiment keeps improving.