Gold Surges as Consumer Sentiment Plunges
The latest Consumer Confidence Index report from the Conference Board showed a significant drop in consumer sentiment, with the index falling to 81.9 in September, below economists' forecasts and August's revised reading.
The Present Situation Index, which measures consumers' assessment of current business and labor market conditions, retreated by 7.9 points to 109.3, while the Expectations Index, based on consumers' short-term outlook for income, business, and labor market conditions, fell by 5.9 points to 63.6.
The report noted that consumer appraisals of current business conditions became negative for the first time since September 2024, and perceptions of the current labor market worsened, though remained within positive territory.
Gold prices reacted positively to the news, setting fresh session highs with spot gold last trading at $4,170.90 per ounce, up 1.36% on the daily chart.