Why is gold up today?

The 1st March UoM confidence # was 68.2, well below expectations of 76.3 and down from 77.5 in Feb. It’s the lowest since Oct and was likely due to the sharp rise in gasoline prices as one year inflation expectations spiked to 4.6% from 3.4%, the most since Aug ’08 and not far from the level reached in May ’08 of 5.2%. ---Peter Boockvar