Gold Holds Steady Near $4,200/oz After US Consumer Sentiment Rises to 48.9

The gold market held steady near the $4,200 per ounce level after new US data showed improved consumer sentiment. The University of Michigan’s preliminary June index printed at 48.9, beating expectations of 46 and May’s final 44.8.

Surveys of Consumers Director Joanne Hsu said sentiment rose about 9% thanks to early-month gasoline price relief, with gains across age, education and political groups, especially lower-income households. Spot gold last traded at $4,195.48, down 0.38%.

One-year inflation expectations eased to 4.6% from 4.8%, while long-run expectations fell to 3.4% from 3.9%. Economic views nonetheless stayed pessimistic amid worries over persistent inflation.