The gold market is holding at session highs above $1,800 an ounce as U.S. consumer confidence drops more than expected in November.
Tuesday, U.S. Conference Board said that its consumer confidence index fell to 109.5, down from 111.60 reported in October. The data was worse than expected as the consensus forecast looked for confidence to remain relatively unchanged.
The latest economic data is helping to support gold prices. February gold futures last traded at $1,807.80 an ounce, up 1.26% on the day. Along with the disappointing economic data, the precious metal is finding new support as the U.S. dollar drops to a one-week low.
The report noted broad-based weakness in consumer confidence with the Present Situation Index fell to 142.50, down from October’s reading of 145.50. At the same time, the Expectations Index dropped to 87.6, down from the previous reading of 89.0