Wednesday, December 28, 2016

Gold has posted slight gains in the Tuesday session.

Gold has posted slight gains in the Tuesday session. In North American trade, the spot price for one ounce stands at $1137.32. On the release front, CB Consumer Confidence climbed to 113.7, easily exceeding the estimate of 108.9. On Wednesday, the US releases Pending Home Sales, with the markets expecting a strong gain of 0.6%.
As 2016 wraps up, US consumer confidence indicators continue to move upwards in what analysts are describing as a post-election surge in optimism. The CB Consumer Confidence report surged in December to 113.7, its highest level since August 2001. This reading comes on the heels of UoM Consumer Sentiment, which climbed to a 12-year high, with a reading of 93.8 points. Clearly, consumers are optimistic that the economy will continue to improve under Donald Trump. Both of these well-respected surveys found that consumers are confident that continuing economic growth will create new jobs and raise incomes. Trump’s economic platform remains short on details, but he has promised to cut taxes while increasing fiscal spending.