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(Wallace Refiners) – Gold prices remain under significant pressure, below $1,700 an ounce as American consumers feel a little bit more optimistic regarding the health of the economy.
Tuesday, the U.S. Conference Board said that its Consumer Confidence Index for March rose to a reading of 109.7, up from February’s revised reading of 90.4. The data beat expectations as economists were expecting a reading around 96.9.
The gold market has been struggling to attract bullish momentum as investors continue to price in robust economic recovery from the devastating impact of the COVID-19 pandemic. The growing optimism can also be seen in 10-year bond yields, which has risen to a new 13-month high of 1.77%.
June gold futures last traded at $1,685.70 an ounce, down 1.69% on the day.
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