Gold Rallies After Downbeat Batch of U.S. Economic Data
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(Kitco News) - Gold prices have pushed to moderate gains in late-morning trading action Tuesday, in the wake of just-released U.S. economic data that mostly did not meet market expectations. The U.S. dollar index slipped below unchanged following the U.S. reports. While July ISM manufacturing data was in line with market expectations, the PMI number was down from last month. Also, other components within the July ISM data were down from last month. Meantime, July U.S. construction spending was down 1.3%, which is a miss to the downside, as a rise of 0.5% was expected. December Comex gold futures were last up $5.70 an ounce at $1,279.10.