Gold market attracting a safe-haven bid as University of Michigan consumer sentiment falls to 57.7

Friday, the University of Michigan said the preliminary reading of its Consumer Sentiment Index fell to 57.7 from April's reading of 63.5. the data significantly missed expectations, as consensus forecasts called for a reading of around 63.0.

Gold appears to be finding solid safe-haven support in initial reaction to the data. June gold futures last traded at $2,023.10 an ounce, up 0.13% on the day. "Throughout the current inflationary episode, consumers have shown resilience under strong labor markets, but their anticipation of a recession will lead them to pull back when signs of weakness emerge. If policymakers fail to resolve the debt ceiling crisis, these dismal views over the economy will exacerbate the dire economic consequences of default," the report said.

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