Spot Gold Rebounds to $4,366 as U.S. ISM Manufacturing PMI Slips to 54.6
Updated
Updated · Kitco NEWS · Sep 1
Spot Gold Rebounds to $4,366 as U.S. ISM Manufacturing PMI Slips to 54.6
3 articles · Updated · Kitco NEWS · Sep 1
Summary
Spot gold climbed off a session low of $4,326.27 after the ISM release and last traded at $4,366.69 an ounce, though it was still down 1.86% on the day.
August ISM manufacturing PMI fell to 54.6 from 55.6 in July, missing the 55.3 consensus and signaling slower but still expanding factory activity.
Key subindexes weakened: new orders dropped to 53.7 from 56.7, backlog fell to 51.8 from 55.0, employment slipped to 51.2, and production edged down to 58.3.
Prices stayed elevated at 71.1 and supplier deliveries rose, a mix ISM said pointed to continued supply-chain slowing even as manufacturing remained in expansion territory.
The move adds to gold's support from softer U.S. data after July JOLTS job openings also missed forecasts, reinforcing concerns about slowing growth alongside persistent inflation.