Spot Gold Falls Amid Declining Consumer Sentiment

The spot gold market suffered losses on Friday after the release of consumer sentiment data from the University of Michigan. The final reading for August showed a decline in consumer confidence, with a score of 51.7, lower than July's reading of 55.2. This drop is attributed to ongoing policy uncertainty and concerns about inflation.

According to Surveys of Consumers Director Joanne Hsu, 'Consumer sentiment confirmed its early month reading, falling about 6% from last month and landing about 11% below a year ago amid continued worries that inflation will remain elevated for the foreseeable future.'

Spot gold fell to $4,549.15 in the minutes following the data release and last traded at $4,556.41 per ounce, resulting in a loss of 0.99% on the day.