Gold Takes A Dive On Upbeat US Consumer Confidence Report
ICM Brokers | Jul 30, 2014 02:39AM ET
Crude Oil
U.S. crude futures dropped on Tuesday amid concerns that this week's supply data will depict a U.S. economy that is awash in crude. Crude futures drop on U.S. supply concernsSupply concerns offset geopolitical events, upbeat U.S. data and pressure oil prices lower The American Petroleum Institute will release its inventories report later in the day, while Wednesday’s government report could show crude stockpiles fell by 1 million barrels in the week ending July 25. Despite concerns that conflict in Ukraine and across the Middle East may disrupt supply, shipments have continued to flow normally, with sentiments that the U.S. is brimming with crude oil often overshadowing upbeat U.S. data. The Conference Board reported earlier that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3.
Gold
Gold prices dropped in U.S. trading on Tuesday after an upbeat consumer confidence report sent investors betting that the Federal Reserve will deliver an positive take on the U.S. economy at a policy meeting this week and make fresh cuts to its stimulus program that has supported the yellow metal for years. Gold takes a dive on upbeat U.S. consumer confidence report, Gold drops as cheery U.S. consumer confidence report fuels bullish Fed expectations Data released earlier bolstered the dollar and in turn, pushed down gold, as the two assets tend to trade inversely with one another. The Conference Board reported that its consumer confidence index rose to 90.9 in July from an upwardly revised 86.4 in June. It was the highest reading since October 2007, defying consensus forecasts for a decline to 85.3. The data sent investors betting that the Federal Reserve will conclude a policy meeting on Wednesday announcing fresh cuts to its monthly bond-buying program and deliver an upbeat take on the U.S. economy.
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