Spot Gold Trades Near Session Lows Below $4,030/oz Following Better-Than-Expected Consumer Sentiment Data

The precious metals market saw spot gold trading close to session lows below the $4,030 per ounce mark after fresh US consumer sentiment data emerged. The University of Michigan’s final July reading reached 55.2, beating forecasts of 54 and the preliminary figure of 54.4.

Surveys of Consumers Director Joanne Hsu highlighted broad-based gains across income, education and age groups, with sentiment nearly 12% higher than in June, yet still 11% below last year’s level amid persistent inflation. Five-year business conditions expectations climbed to a 12-month high.

Year-ahead inflation expectations eased to 4.2% from 4.6% in June, while longer-run views held steady at 3.3%. Spot gold hit a low of $4,022.13 and finished at $4,029.51, down 1.80% on the day.