US October PMI Holds at 57.6, Pressuring Gold Near $4,000
Updated
Updated · Kitco NEWS · Oct 23
US October PMI Holds at 57.6, Pressuring Gold Near $4,000
3 articles · Updated · Kitco NEWS · Oct 23
Summary
$4,010.27 spot gold slipped 0.33% after S&P Global’s flash October composite PMI showed U.S. activity still running at a strong 57.6, undermining safe-haven demand.
Manufacturing unexpectedly strengthened to 56.0 from 55.9, beating a 55.5 forecast, while services eased to 57.9 from 58.8, leaving both sectors near five-year highs.
That resilience gives the Federal Reserve more room to keep tightening, especially as S&P said output readings point to roughly 5% annualized GDP growth at the start of the fourth quarter.
Inflation remains the bigger complication: oil-driven cost pressures, worsening supply bottlenecks and growing backlogs pushed selling prices to their sharpest increase in more than four years.