(Kitco News) - Gold prices continued their steep rise on Tuesday morning as U.S. consumer optimism finally hit a wall in August.
- Gold prices continued their steep rise this morning as U.S. consumer optimism finally hit a wall in August.
“Consumer confidence fell in August 2023, erasing back-to-back increases in June and July,” said Dana Peterson, Chief Economist at The Conference Board. “August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular.
The gold market is rallying following the weaker-than-expected economic data. Spot gold last traded at $1,933.31 an ounce, up 0.69% on the day.
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