(Kitco News) – The gold market is keeping at a modest growth, but did not reach the session highs, since consumer confidence in the US in December fell more than expected.
On Thursday, the US conference board announced that the consumer confidence index rose to 128.1 from November's multi-year high of 135.7. The data was weaker than expected, as economists called for a reading of 133.7.
The data follows on Wednesday's report that the holiday shopping season this year was the best in six years. According to some economists, strong consumer confidence foreshadows a further increase in consumption.
Gold prices were in positive territory ahead of the report, finding some buying dynamics from a weaker US dollar and falling stock markets; however, the yellow metal does not see a large response to the data. February gold futures last traded at $ 1,273.90 an ounce, up 0.05% on the day.
According to the report, consumers in the United States are becoming increasingly concerned about future economic growth. The expectations index fell sharply in December to 99.1, compared with the November figure of 112.3.
The current forecast fell only slightly to 171.6, which is lower than the previous value of 172.7.
“Despite the fact that consumers are confidently ending 2018, the decline in expectations is decreasing due to growing concern that economic growth will begin to slow down in the first half of 2019,” said Lynn Franco, senior director of economic indicators at the conference
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