Gold Bounces Back on Friday as Consumer Sentiment Climbs
Spot gold bounced back off the $4,000 level, and currently trades around $4,070 per ounce on Friday after the University of Michigan final June consumer sentiment reading edged higher.
Gold pushed to a fresh high just slightly above $4,070 an ounce on Friday afternoon, fueled by an improving U.S. consumer mood.
The University of Michigan final consumer sentiment print landed at 49.5, surpassing the preliminary figure of 48.9. The reading also represented a roughly 10% jump from May final tally of 44.8.
Consumer sentiment confirmed its early-month reading, rising about 10% above May, noted Surveys of Consumers Director Joanne Hsu. Expectations for business conditions across the upcoming 5 years climbed by 16%, signaling that public anxiety over the long-term fallout from the Iran conflict may have started to get better.
Gold, silver, and other metals have been doing better today, with silver rising almost 2% in the past 24 hours alone, at the time of this article's writing. That being said, the precious metals have been going down when we look at their 7-days and 30-days price actions. Whether today's bounce can keep its momentum next week is yet to be seen.
Related assets: Gold, Silver, Palladium, Platinum