Gold prices are growing steadily because US consumer sentiment had little impact on the market during the busy pre-holiday trading environment.
According to the US conference committee, the indicator rose to 115.8 points this December, higher than the forecasted 111.9 points.
The yellow market showed modest growth after the released data turned out to be better than expected.
The data indicates that consumers are more optimistic on future conditions than current conditions. That is why the current situation index fell to 144.10 points, down from the November value of 144.4 points. Meanwhile, the expectations index rose to 96.2 points from the previous value of 90.2 points.
But even though the current situation index declined, the figure remains high. This suggests that the economy has maintained its dynamics in the last month of 2021.
Expectations for near-term growth prospects also improved, said Conference Board Director Lynn Franco. This set the stage for continued growth in early 2022.
Concerns over inflation also eased, as did concerns on the coronavirus. But the US economy will still have problems in 2022.
Looking ahead, both confidence and consumer spending will continue to face hurdles from rising prices and surge in the pandemic.