Make Kitco Your Homepage
News Bites

Gold Briefly Pushes Into Positive Territory After Drop In UoM Consumer Sentiment

(Kitco News) - Gold prices have popped into positive territory following a surprise drop in preliminary sentiment data.

Friday the University of Michigan said its preliminary consumer sentiment survey fell to its lowest point in more than a year, hitting a reading of 89, down from the previous reading of 91.2. The drop was well below consensus expectations, which were forecasting a reading around 92.

Gold was in solidly negative territory ahead of the report and briefly dropped below key support at $1,250 an ounce in initial reaction to positive September retail sales data. However, prices have rebounded with December Comex gold last trading at $1,259.50 an ounce, up 0.14% on the day.

“It is likely that the uncertainty surrounding the presidential election had a negative impact, especially among lower income consumers,” survey director Richard Curtin wrote in a release. “Without that added uncertainty, the confidence measures may not have weakened.”


By Neils Christensen of Kitco News;



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 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.
kitco news