commodities

/

gold

Gold price continues to struggle as ISM manufacturing PMI rises to 49.3

Kitco Media
By Neils Christensen
Published
Updated
Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Gold price continues to struggle as ISM manufacturing PMI rises to 49.3 teaser image

(Kitco News) - The gold market is struggling to find its footing and could face further headwinds as the U.S. manufacturing sector see new momentum as activity pushes closer to neutral territory, according to the latest data from the Institute for Supply Management (ISM).

The ISM announced on Friday that its Manufacturing Purchasing Managers Index rose to 49.3 in December, up from November’s reading of 48.4. Although the sector remains in contraction territory, the headline number was better than expected, as consensus forecasts looked for a roughly unchanged reading of 48.2.

The gold market is not reacting much to the better-than-expected data. Spot gold last traded at $2,645.10 an ounce, down 0.45% on the day. The market also continues to suffer from low volume in what many see as the last day of the two-week Christmas holiday season.
 

Kitco Media

Neils Christensen

Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @KitcoNewsNOW

Mdi Earth Logo

Tags:

gold pricesgoldUS ecomomyUS manufacturing sectorISM manufacturing PMIInstitute for Supply Management

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.