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Gold Sells Off on Strong U.S. Consumer Confidence Reading

Tuesday July 29, 2014 10:07 AM

(Kitco News) - The gold market quickly lost its modest early gains Tuesday morning when a much stronger-than-expected U.S. consumer confidence reading was released The July consumer confidence index came in at 90.9 versus a reading of 86.4 in June. A stronger U.S. dollar index and lower crude oil prices are also bearish "outside market" forces working against the precious metals Tuesday morning. August gold last traded down $4.40 an ounce at $1,299.00.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Gold Sells Off on Strong U.S. Consumer Confidence Reading

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