Gold prices see new safe-haven demand as ISM manufacturing index falls to 50.9
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The report noted that activity is at its lowest point since May 2020 when the global economy was roiled as nations implemented strict lockdown measure due to the COVID-19 pandemic. The gold market was holding relatively steady ahead of the report and has seen some new buying momentum in initial reaction to the disappointing data. December gold futures last traded at $1,682.60 an ounce, up 0.63% on the day.
The report also noted weakness in the labor market with the Employment Index falling to 48.7%, down from August’s level at 54.2%.
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