(Kitco News) – Gold prices have fallen after a report released by the Conference Board on Tuesday, which said the US consumer confidence index for February had risen from 121.7 in January to 131.4.
The consensus expectations of most media have called for a reading of 124.7 to about 125.
At 10:09 am Eastern Time, spot gold was traded from $ 3.40 to $ 1,323.70 per ounce. The metal was $ 1,325.30 a minute ahead of the report.
The index allowing the consumer to assess the current situation – such as the current situation of companies and the labor market – has risen from 170.2 to 173.5. The Expectations Index – based on consumers' short-term earnings, business and labor market prospects – dropped from 89.4 last month to 103.4 this month.
"Consumer confidence rebounded in February after three consecutive months of decline," said Lynn Franco, senior director of economic indicators at the Conference Board. "The index of the current situation has improved as consumers continue to appreciate the conditions of the labor market and companies.
"Expectations, which had suffered in recent months from the volatility of the financial markets and the closure of the government, recovered in February. Consumers expect the economy to continue to grow. However, according to the Conference Board's economic forecasts, the pace of expansion is expected to moderate in 2019. "
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