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Gold Unfazed As Sept. U.S. Consumer Confidence Index Falls To 119.8

Kitco News

Editor's Note: Updating earlier story with more details from report.

(Kitco News) - Gold remained weaker Tuesday, neither hurt nor helped by a Conference Board report that was within expectations, showing the September U.S. consumer confidence index fell to 119.8 from a revised 120.4 in August.

Consensus expectations from most news organizations called for a headline index reading of around 119.5 to 120.2.

Around 10:20 a.m. EDT, Comex December gold was trading $8.10 lower for the day to $1,303.40 an ounce. Four minutes ahead of the report, the metal was at $1,304.10.

“Consumer confidence decreased slightly in September after a marginal improvement in August,” said Lynn Franco, director of economic indicators at The Conference Board.

“Confidence in Texas and Florida, however, decreased considerably, as these two states were the most severely impacted by hurricanes Harvey and Irma. Despite the slight downtick in confidence, consumers’ assessment of current conditions remains quite favorable and their expectations for the short term suggest the economy will continue expanding at its current pace.”

The present situation index decreased from 148.4 to 146.1, while the expectations index rose marginally from 101.7 last month to 102.2.

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