(Kitco News) - Gold prices are off their session lows but still remain under pressure even as sentiment in the manufacturing and service sectors has improved more than expected.
Friday, IHS Markit said its flash U.S. manufacturing Purchasing Managers Index for August rose to a reading of 53.6 up from July’s reading of 50.9. The data were better than expected. Economists were expecting to see a reading of 51.9.
The report said that sentiment in the U.S. manufacturing sector is at its highest level in 19 months.
At the same time, the firm’s service sector PMI reading rose to 54.8, up from July’s reading of 50. Economists were forecasting the index to come in at 50.9. Sentiment in the service sector is at its highest level in 17 months, the report said.
The gold market is seeing little reaction to the latest U.S. economic data; December gold futures last traded at $1,935.90 an ounce, down 0.57% on the day.
“August data pointed to a further improvement in business conditions across the private sector as client demand picked up among both manufacturers and service providers. Notably, the renewed increase in sales among service sector firms was welcome news following five months of declines,” said Siân Jones, an economist at IHS Markit in the report.
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August 21, 2020 at 08:51PM
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Gold price remains under pressure following rise in U.S. flash PMI data - Kitco NEWS
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