Gold prices holding steady following stronger-than-expected ISM manufacturing report kitconews gold silver mining economics investing finance metals
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Monday, the ISM said its Manufacturing Purchasing Managers Index, fell to 52.8% in July, down from June’s reading of 53%. The data was better than expected as economists were looking for a drop to 52.3%. Readings above 50% in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.
The gold market is seeing little reaction to the latest economic data as markets continue to digest last week’s Federal Reserve monetary policy decision and comments from Fed Chair Jerome Powell. Gold has pushed solidly higher as investors expect the U.S. central bank to slow the pace of rate hikes after the summer.By Neils Christensen For Kitco News
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