Gold prices remain in neutral as University of Michigan Consumer Sentiment drops a tick lower, in line with expectations
Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index fell to 71.2 from the July reading of 71.6. The data was roughly aligned with expectations, calling for a drop to 71.4.
Gold remains fairly directionless as the sentiment data is unable to provide any decisive outlook on the health of the economy. December gold futures last traded at $1,949.80 an ounce, roughly unchanged on the day. The survey noted that inflation expectations have been fairly stable for the last three months, trending sideways in a broader long-term channel.
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