Followers | 679 |
Posts | 140247 |
Boards Moderated | 40 |
Alias Born | 03/10/2004 |
Friday, May 13, 2022 10:26:46 AM
By: Neils Christensen | May 13, 2022
The gold market continues to struggling, trading below $1,800 an ounce, and is unable to find any support from weak consumer confidence, according to the latest report from the University of Michigan.
Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index dropped to 59.7, down from the previous reading of 65.2. the data missed expectations as consensus forecasts were calling a small drop to 64.1.
“These declines were broad based--for current economic conditions as well as consumer expectations, and visible across income, age, education, geography, and political affiliation--continuing the general downward trend in sentiment over the past year,” the report said.
According to the report, consumers' assessment of their current financial situation relative to a year ago is at its lowest reading since 2013.
Economists have noted that rising inflation pressures is having a significant impact on consumer sentiment as rising prices dimmish purchasing power.
“Much of the weakness in the U. Mich. measure of sentiment is directly linked to higher inflation, with consumers reporting that it is the worst time to buy durable goods since the late-1970s,” said Michael Pearce, senior U.S. economist at Capital Economics.
Although sentiment data is weaker than expected, the report noted that one-year inflation expectations are holding steady albeit at an elevated level of 5.4%.
The gold market is not seeing much reaction to the data as it continues to be hit with significant selling pressure. June gold futures last traded at $1,808.60 an ounce, down 0.82% on the day.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent GLD News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/08/2024 03:33:22 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/19/2024 05:18:16 PM
- Crypto: RNDR, LINK, CHZ Emerge as Wednesday’s Top Performers, Ethereum Pilots Dencun Update, and More • IH Market News • 01/17/2024 04:51:44 PM
- Form 424I - • Edgar (US Regulatory) • 12/27/2023 04:04:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 12/22/2023 09:02:08 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 11/22/2023 07:49:08 PM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 09/14/2023 02:12:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2023 08:02:07 PM
- Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations • IH Market News • 08/31/2023 12:43:38 PM
- Gold Closes Higher, With Strong Retreat In Treasury Interest Rates And Dollar Low • IH Market News • 08/29/2023 06:20:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2023 06:55:27 PM
Endexx Corporation (EDXC) Leverages Global Market Trends and Legislative Reforms to Spearhead Growth in the Cannabis and Plant-Based Wellness Sectors • EDXC • Mar 27, 2024 3:01 PM
Applied UV, Inc. Announces Pricing of $2.76 Million Registered Direct and Private Placement Priced at the Market Under Nasdaq Rules • AUVI • Mar 27, 2024 2:51 PM
POET and MultiLane Collaborate to Develop High-Speed Pluggable Transceivers for AI Networks • POET • Mar 27, 2024 10:52 AM
Maybacks Global Entertainment Opens 23 More Stations in Important Major Cities • AHRO • Mar 27, 2024 9:00 AM
NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024 • NXGB • Mar 27, 2024 7:30 AM
Kona Gold Beverages, Inc. Strategic Advancements: Covert LLC Introduces Federally Legal D9 Gummies and Revamps Innovative eCommerce Platform, Propelling Toward $12 Million Annual Revenue Goal • KGKG • Mar 26, 2024 8:30 AM