Gold Slips Below $4,550 per Ounce Following Consumer Sentiment Drop to 51.7

Gold prices slipped below the $4,550 per ounce threshold after U.S. consumer sentiment data came in softer than July’s level. The University of Michigan’s final August reading printed at 51.7, beating the 51 forecast yet falling short of the prior 55.2. Surveys of Consumers Director Joanne Hsu highlighted that sentiment fell roughly 6% month-over-month and 11% year-over-year amid ongoing inflation worries. Declines spanned all political groups but were sharper among Republicans, older consumers, lower- and middle-income households, and those without stock holdings. Concerns over the Iran conflict, higher gasoline prices, and weakening business conditions added pressure. One-year inflation expectations eased to 4.0% from 4.2%, while long-run expectations held steady at 3.3%. Spot gold touched a session low of $4,549.15 and last traded at $4,556.41, down nearly 1% on the day.