(Kitco News) - The gold market remains under pressure but is seeing little reaction to stronger-than-expected consumer confidence as falling energy prices has eased inflation concerns, according to some economists.
American consumer confidence index rose to 103.2 in August, up from July’s reading of 95.7, the U.S. Conference Board reported Tuesday. Economists were expecting to see the index at 97.6.
The solid rise in U.S. consumer confidence is having little impact on gold. December gold futures last traded at $1,741.30 an ounce, down 0.48% on the day.
The jump in optimism comes after three months of declines, the report said.
“The Present Situation Index recorded a gain for the first time since March. The Expectations Index likewise improved from July’s 9-year low, but remains below a reading of 80, suggesting recession risks continue. Concerns about inflation continued their retreat but remained elevated,” said Lynn Franco, senior director of economic indicators at The Conference Board.
“ Looking ahead, August’s improvement in confidence may help support spending, but inflation and additional rate hikes still pose risks to economic growth in the short term,” Franco added.
The report noted broad-based improvement in sentiment. The The Present Situation Index rose to 145.4 up from from 139.7 in July. At the same time, the Expectations Index increased to 75.1 from 65.6.
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