Spot Gold Drops 1.74% as U.S. September Composite PMI Jumps to 58.4

1 articles · Updated · Kitco NEWS · Sep 23

$4,282.81 an ounce marked spot gold’s fresh session low after S&P Global’s flash September composite PMI rose to 58.4 from 56, beating the 55.2 forecast.
Services drove the upside surprise, with the services PMI climbing to 58.7 from 56.5, while manufacturing improved to 57.0 from 53.9; both topped economist estimates.
S&P Global said business activity accelerated for a fourth straight month to the fastest pace in more than five years, with hiring at the strongest rate in over four years.
That strength also brought inflation pressure: backlogs grew, supply-chain delays worsened, and input costs rose at the fastest pace in four years as higher oil, fuel and transport prices fed through.