Gold prices resilient despite strong US economic data
TL;DR
Gold prices are facing selling pressure despite better-than-expected U.S. Flash PMI data showing expansion in both the manufacturing and service sectors. The manufacturing PMI reached its highest level since April, while the service sector PMI rose to its highest level in three months. The positive economic data suggests that the Federal Reserve's tightening cycle may have ended, easing inflation fears. However, gold is experiencing technical selling pressure as traders take profits after last week's rally.
Topics:businessfinance#economic-growth#federal-reserve#finance#gold-market#selling-pressure#us-flash-pmi-data
- Gold prices under pressure but largely ignore rise in U.S. Flash PMI data Kitco NEWS
- Economy gets off to good start in the fourth quarter, S&P finds MarketWatch
- US Business Activity Builds Momentum in October Bloomberg Television
- Ethereum Tops $1,800 Following US PMI Data; Mina Emerges As Top Gainer Benzinga
- Coming up: S&P Global US flash PMIs and the Richmond Fed. What to watch for ForexLive
- View Full Coverage on Google News
Want the full story? Read the original reporting
Read on Kitco NEWS