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Gold price remains under strong selling pressure below $1,700 following rise in U.S. consumer confidence

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Mar 30, 2021 Precious Metals News Comments Off on Gold price remains under strong selling pressure below $1,700 following rise in U.S. consumer confidence



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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.




Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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