Congress Sinks Consumer Confidence, But Precious Metals Remain Quiet
On Tuesday, gold (NYSEARCA:GLD) futures for December — the most active contract — fell $6.70 to close at $1,345.50 per ounce, while silver (NYSEARCA:SLV) futures declined 5 cents to finish at $22.49. Major exchange-traded funds, like the SPDR Gold Trust and iShares Silver Trust, finished the day mostly unchanged.
Both precious metals were relatively quiet, despite Congress sending the consumer confidence index to its worst level in six months. The index dropped more than expected to 71.2 in October compared to 80.2 in September, according to The Conference Board, an industry group.
On average, economist expected a consumer confidence reading of about 76. October’s decline was the worst month-over-month in two years, and could be the start of a sluggish holiday shopping season. During the Great Recession, the index averaged almost 54.