Although at first blush, strong economic data is negative for gold prices, as it reduced the precious metal’s safe-haven allure, some market analysts have said that robust growth expectations is leading to concerns about rising inflation pressures.
The report’s Present Situation Index—based on consumers’ assessment of current business and labor market conditions—soared to 139.6, compared to March’s reading of 110.1.
“Consumers’ assessment of current conditions improved significantly in April, suggesting the economic recovery strengthened further in early Q2.
“Consumers were more upbeat about their income prospects, perhaps due to the improving job market and the recent round of stimulus checks.