Gold Snaps Losing Run as U.S. Confidence, Factory Data Retreat
- ‘The Fed fears are already marked into the market,’ Gero says
- Silver futures cap biggest monthly drop since September 2014
Gold Prices Are Still Solid
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Gold advanced for the first time in 10 days to snap its longest selloff in more than a year as U.S. consumer confidence unexpectedly fell and manufacturing gauges weakened, boosting demand for the metal as a store of value.
A private report Tuesday showed consumer confidence slid in May to the lowest level in six months as Americans grew concerned that jobs are more difficult to find. Separate reports showed weak manufacturing in Chicago and Dallas.