Gold price near session lows even as U.S. consumer confidence drops to 97

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The gold market continues to see technical selling pressure as traders focus on rising expectations that the Federal Reserve will maintain its restrictive monetary policy through the summer. “Despite April’s dip in the overall index, since mid-2022, optimism about the present situation continues to more than offset concerns about the future,” she said. “In the month, confidence declined among consumers of all age groups and almost all income groups except for the $25,000 to $49,999 bracket. Nonetheless, consumers under 35 continued to express greater confidence than those over 35.”

- The gold market saw its best start to the year since 2016 as robust Asian demand and record central bank purchases dominate the marketplace, according to the latest report from the World Gold Council.Tuesday, the WGC released its first quarter Gold Demand Trends report, saying that, including Over-the-Counter purchases, global physical gold demand rose to 1,238 tonnes, an increase of 3% from the first quarter of 2023.

Source: Financial Digest (financialdigest.net)

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