Fears over interest rate rise and jobs send UK consumer confidence to three-year low

AI desk brief

UK consumer confidence weakened further as the S&P Global index slipped to 42.7 in September from 42.9, with households increasingly worried about higher mortgage costs, job insecurity and the prospect of further Bank of England tightening. Average two-year fixed mortgage rates rose to 5.88% and five-year fixes to 5.92%, the highest since October 2023, while respondents cited rising energy prices and renewed Middle East tensions as pressure points.

For precious metals, the mix is neutral to modestly supportive: softer UK growth expectations and geopolitical energy stress are constructive for defensive assets, but rising borrowing costs and the risk of tighter monetary conditions are a headwind via rates and yields. The article does not contain any direct gold/silver price action or flow data.