Spot gold was last at $4,047.71 an ounce after the 10 a.m. ET data release, down 0.96% on the day. The survey’s preliminary reading marked an improvement of about 6%, Surveys of Consumers Director Joanne Hsu said.

Hsu said gains in expected personal finances and business conditions were concentrated mainly among independent voters. Sentiment rose among lower- and middle-wealth consumers but fell 5% among those with the largest stock portfolios, following a turbulent period in equity markets. She also noted growing anxiety about a possible AI bubble, but said concerns over the cost of living were more prominent.

About 57% of respondents spontaneously said high prices had eroded their living standards, the highest share since May and up from 46% in February, Hsu said. Despite November’s improvement, sentiment remained 10% below February’s level. The survey ran from October 20 to November 2, ending just before the midterm election. Hsu said more than two-thirds of consumers had expected Democrats to win the House, and over half expected them to win the Senate.

Year-ahead inflation expectations fell to 4.3% from 4.7% in October, their lowest level since August, but remained above February’s 3.4% and all readings from 2024. Long-run expectations edged down to 3.4% from 3.5%, still above their 2024 range of 2.8% to 3.2%.