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Gold Sees Corrective Pullback After Good Gains Posted Friday

(Kitco News) - Asian stock markets were higher Monday on ideas the U.S. Federal Reserve will not be able to raise interest rates this year due to weaker U.S. economic data recently. Friday's U.S. GDP report showed the economy grow just 1.2% in the second quarter, which was well below market expectations. European stock markets were mixed Monday. The Euro zone Markit manufacturing purchasing managers' index (PMI) fell to 52.0 in July from 52.8 in June. A reading above 50.0 suggests expansion in the sector. The slight month-on-month decline in the PMI is being blamed on the Brexit vote in late June.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
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