Gold prices testing support at $4,500 as U.S. consumer confidence falls slight to 93.1

Gold is holding support above $4,500 an ounce, but the market lacks new bullish momentum. The backdrop is deteriorating U.S. consumer confidence, rising inflation pressures, and growing recession risks, which are supportive for safe-haven demand but not yet enough to drive a stronger move higher.

Analysis

Gold is holding support above $4,500 an ounce, but the market lacks new bullish momentum. The backdrop is deteriorating U.S. consumer confidence, rising inflation pressures, and growing recession risks, which are supportive for safe-haven demand but not yet enough to drive a stronger move higher.