Gold Holds Above $4,000 as US Inflation Expectations Rise to 4.7%
Updated
Updated · Kitco NEWS · Oct 23
Gold Holds Above $4,000 as US Inflation Expectations Rise to 4.7%
3 articles · Updated · Kitco NEWS · Oct 23
Summary
$4,014.71 an ounce — spot gold stayed near the $4,000 support level after the University of Michigan’s final October survey, up 0.24% on the day.
A 4.7% year-ahead inflation reading, up from 4.6%, and a 3.5% long-run reading, up from 3.4%, kept inflation concerns elevated even as both hit their highest levels since May.
Consumer sentiment came in at 48, beating the 46.3 consensus and nearly matching September’s 48.1, suggesting household confidence stabilized rather than deteriorated further.
Durables buying conditions plunged 18% on higher interest rates and affordability worries, while overall sentiment remained 10% below a year ago and 15% below February, before the Iran conflict.