Gold Price Jumps on Stronger Consumer Confidence Report

By Karen Dybis | March 31, 2026

Gold prices and the U.S. stock market both rose following Tuesday’s release of a report showing unexpectedly stronger consumer confidence numbers.

The lauded Consumer Confidence Index increased 0.8 points in March, to 91.8, according to the Consumer Board, the nonpartisan think tank that compiles the index. Economists in a Reuters poll had predicted the index would drop to 88.0.

Within minutes of the Consumer Confidence Index announcement, the price of gold—which had closed around $4,525 on Monday—jumped above $4,600. Silver prices also increased slightly, to more than $73.

The Dow Jones rose 300 points immediately after the March data came out; that bounce was also attributed to hopes for a deescalation in the Iran conflict.

In its March report, the Consumer Board said consumer confidence was buoyed by optimism about current business and employment conditions.

“Three of the five components of the index firmed in March, and overall confidence improved modestly for a second month,” Dana M. Peterson, chief economist for the Conference Board, said in a statement.

While it took the economic world by surprise, the Conference Board noted that consumers are feeling the impact of inflation on everyday goods (due to retailers passing along tariff expenses) as well as soaring gasoline prices since the start of the Iran war.

“Consumers’ write-in responses on factors affecting the economy continued to skew towards pessimism,” said Peterson. “Comments about prices and the cost of goods suggest that the cost of living remained at the top of consumers’ minds. As the war in Iran overlapped significantly with the survey sample period, comments about oil/gas and war/conflict spiked, while specific mentions of trade and tariffs decreased notably.”

The Consumer Confidence Index is one of two monthly reports watched closely by economists. The other, from the University of Michigan, was published on Friday and showed that its index of consumer sentiment fell 5.8% in March from the previous month and 6.6% year-over-year.

“Overall, the short-run economic outlook plunged 14%, and year-ahead expected personal finances sank 10%, while declines in long-run expectations were more subdued,” said the Michigan survey’s director, Joanne Hsu, in a statement.

“These patterns suggest that at this time, consumers may not expect recent negative developments to persist far into the future. These views are subject to change, however, if the Iran conflict becomes protracted or if higher energy prices pass through to overall inflation,” Hsu wrote.

In the Consumer Board’s announcement today, Peterson said: “The index has been on a general downward trend since 2021.”

Anticipation was so high for the Conference Board’s 10 a.m. announcement on Tuesday that its website went down briefly, with visitors getting the message that it was “either overloaded or under maintenance.”

(Photo: Getty Images)