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Home Gold News Gold Hits Record High Amid Plunging U.S. Consumer Confidence

Gold Hits Record High Amid Plunging U.S. Consumer Confidence

by anna

Gold prices surged to a new all-time high on Tuesday, driven by weakened consumer confidence in the U.S., as reported by the Conference Board. Alongside declining U.S. Treasury yields and a softening U.S. Dollar, the precious metal saw significant gains. Gold (XAU/USD) reached an intraday high of $2,664 per ounce, trading at $2,662 by the session’s end.

The Conference Board’s data revealed a sharp drop in consumer confidence for September, marking its lowest point since August 2021. The decline reflects growing concerns over the state of the labor market and the broader economic outlook.

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In response to the report, U.S. Treasury yields fell, with the 10-year Treasury note dropping two basis points to 3.73%. Simultaneously, the U.S. Dollar Index (DXY), which tracks the dollar’s performance against six major currencies, slipped to a two-day low of 100.48, losing 0.42%.

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Commenting on the situation, Federal Reserve Governor Michelle Bowman, known for her hawkish stance, warned that inflation risks remain significant. Bowman advocated for a “measured pace of cuts” in interest rates to prevent reigniting inflationary pressures.

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