Consumer confidence levels have dipped once again according to the latest data from the U.S. Conference Board. Although an increase to 106.9 had been expected, the Consumer Confidence Index reading remained subdued. It dropped to 104.7, just below February’s reading of 104.8. Analysis revealed that many consumers still fear a recession and are struggling with price increases fuelled by inflation.
“Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices,” confirmed the Conference Board’s Chief Economist, Dana Peterson.
This dip in confidence is good news for gold and acts as yet another supportive force for the bulls. The yellow metal gained 0.68% in the wake of the data release.
