Gold Prices Holding Gains Despite Modest Rise In Flash PMI Data
Gold prices are holding on to modest gains Monday despite stronger-than-expected preliminary manufacturing and service-sector sentiment data.
Research firm IHS Markit, said in its latest report that its flash Purchasing Managers Index for July, rose to a reading of 53.2, up from June’s final reading of 52.0 Economists were expecting to see a modest rise, with consensus forecasts calling for a reading of 52.3.
According to the report, this is the strongest rise in the manufacturing sector since January.
At the same time the firm’s service sector PMI showed a reading of 54.2, unchanged from June’s reading of 54.2. Economists were expecting the index to rise to 54.3.
The firm noted that service-sector sentiment is unchanged after hitting a five-month high last month.
Read the full article on Kitco.