U.S. Consumer Sentiment Hits 48.9, Beats Forecast as Gold Holds Near $4,200/oz

According to University of Michigan data announced Friday, the preliminary Consumer Sentiment reading for June reached 48.9, exceeding economist expectations of 46 and May's final reading of 44.8. Year-ahead inflation expectations declined to 4.6% from May's 4.8%, though long-run expectations eased to 3.4% from 3.9%.

Spot gold oscillated around the $4,200 level following the data release, trading at $4,195.48 per ounce with a 0.38% daily loss. Surveys of Consumers Director Joanne Hsu attributed the sentiment improvement to early-month relief in gasoline prices, with gains widespread across age, education, and political groups.