Gold Shrugs Off Rise In U.S. Consumer Confidence To 118.9

Kitco News/Neils Christensen/06-27-17

Gold prices are relatively unchanged, holding on to some positive gains following economic data that highlight strong optimism among U.S. consumers.

Tuesday, the U.S. Conference Board, reported that its consumer confidence index rose to a reading of 118.9 in June, up from May’s revised reading of 117.9. Economists were expecting to see relatively weaker consumer sentiment, with consensus forecasts calling for a reading around 116.1.

Gold was showing modest gains ahead of the report as the market continued to recover from Monday’s flash crash. Prices are relatively unchanged in initial reaction with August gold futures last trading at $1,250.10 an ounce, up 0.30% on the day.

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