Gold rallies as US consumer confidence hits a slump

The latest data from The Conference Board reveals a broad deterioration in American sentiment. The Present Situation Index, which tracks current business and labor conditions, dropped 7.9 points to 109.3. Simultaneously, the Expectations Index fell to 63.6, marking its third consecutive monthly decline as households brace for a weakening economy.

Dana Peterson, Chief Economist at The Conference Board, noted that consumer appraisals of business conditions turned negative for the first time since September 2024. Widespread pessimism was driven by soaring prices for goods, services, and fuel. While consumers still expect some growth in household income, their outlook on the broader labor market and business environment has darkened across nearly all income and age demographics.