Gold Holds Near $4000 Mark After Steady US Consumer Sentiment and Rising Inflation Expectations

The gold market stayed close to the $4000 per ounce level after the final University of Michigan Consumer Sentiment reading for October. The index printed at 48, beating expectations of 46.3 and nearly matching September’s 48.1.

Surveys of Consumers Director Joanne Hsu said sentiment held nearly steady, with business conditions expectations rising 14% yet remaining below last year’s levels. Buying conditions for durables dropped 18% due to higher interest rates and affordability worries.

Year-ahead inflation expectations increased to 4.7% from 4.6%, while long-run views ticked up to 3.5% from 3.4%. Spot gold last traded at $4014.71, posting a 0.24% daily gain.