Spot gold hits session high near $4,000/oz after preliminary Consumer Sentiment rises to 54.4, one-year inflation expectations ease

(Kitco News) - The gold market is trading near session highs after the latest data showed consumer sentiment in the U.S. improving, with shorter-term inflation expectations easing.The University of Michigan announced on Friday that the preliminary reading of its Consumer Sentiment survey for July was 54.4. The data was better than expectations, as the consensus forecast of economists called for a reading of 51. It was also better than June’s final reading of 49.5, and well above May’’s final reading of 44.8.