The gold markets, both cash and futures, have pushed up from early lower price levels to trade above unchanged in mid-morning dealings Tuesday.

Bargain hunting and short covering are featured after last week's gains that did hint the gold market has put in a near-term low. Safe-haven buying continues to underpin the gold market, amid the ongoing tensions between Russia and Ukraine, and the U.S. and European responses to that situation.
June gold last traded up $0.40 an ounce at $1,299.40.

U.S. consumer confidence dropped slightly in April, according to the latest data from the Conference Board. 

On Tuesday, the board reported its monthly Consumer Confidence Index fell to a reading of 82.3, down from March’s revised reading of 83.9. The initial reading in March was 82.3. According to consensus reports, economists were expecting to see the index rise between 82.9 and 83.6.

According to the report, the drop in the headline index was the result of a decline in the Present Situation Index, sub-component, which fell to a reading of 78.3, down from March’s reading of 82.5.
At the same time the Expectation Index remains basically unchanged at 84.9, slightly up from March’s reading of 84.8.

“Consumer confidence declined slightly in April, as consumers assessed current business and labor market conditions less favorably than in March,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “However, their expectations regarding the short-term outlook for the economy and labor market held steady. Thus, while sentiment regarding current conditions may have slipped a bit, consumers do not foresee the economy, or the labor market, losing the momentum that has been building up over the past several months.”

Looking at the labor market, the report said that consumers were slightly more optimistic in April as those expecting to see more jobs in future increased to 15.0%, up from March’s reading of 14.1%; at the same time those expecting fewer jobs in the coming months edged up 17.9% from the previous reading of 17.5%.

Expectations for a strong consumer confidence report have been growing since Friday after the Thomson Reuters/University of Michigan consumer sentiment index jumped to a final reading of 84.1 for April, up from the preliminary reading of 82.6 and March’s reading of 80.0.

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