Gold Bullion Falls on Poor US Consumer Sentiment

U.S. consumer sentiment dropped sharply from 76 to 66.5 in July, reaching the lowest level since August 2009, according to survey results released today by the University of Michigan and Reuters.

Whilst some analysts had expected a fall, the severity of the dip suprised the markets, dragging down virtually all asset classes including bullion, as investors interpreted the news as signs of tepid inflation.

BullionSupermarket.com reported increased traffic across gold and silver price comparison engines as bargain hunters explored the market ahead of the busy weekend period.

Fixed price 5 ounce Gold ingot lots were priced at 13% above the afternoon Gold fix at time of writing.