(Kitco News) – The gold market while off its recent lows remains under pressure as weak economic data – disappointing consumer sentiment numbers — is unable to attract safe-haven flows
Tuesday, the U.S. Conference Board, said that its Consumer Confidence Index fell to a reading of 124.1, down from February’s reading of 131.4 and missing expectations. According to consensus forecasts, economists were expecting a reading around 132.1.
The gold market is seeing little reaction to the weaker-than-expected data. Commodity analysts say that the yellow metal is seeing some expected profit taking after hitting a four-week high Monday. April gold futures last traded at $1,315 an ounce, down 0.57% on the day.
According to the report, a sharp drop in the Present Situation Index, which dropped to a reading of 160.60, down from February’ reading of 172.80. Meanwhile The Expectations Index, dropped to a reading of 99.8, down from last month’s level of 103.8.
“Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report,” said Lynn Franco, senior director of economic indicators at The Conference Board. “Despite these dynamics, consumers remain confident that the economy will continue expanding in the near term. However, the overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.”
By Neils Christensen
For Kitco News