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(Kitco News) – Gold prices are low from their session, but remain under pressure, even as sentiment in the manufacturing and services sectors has improved more than expected.
Friday, IHS Markit said its flashy U.S. manufacturing purchasing managers’ index for August rose to a reading of 53.6 from its July reading of 50.9. The data were better than expected. Economists expect to see a reading of 51.9.
The report said sentiment in the U.S. manufacturing sector is at its highest level in 19 months.
At the same time, the firm’s PMI reading of the firm’s services rose to 54.8, up from the July reading of 50. Economists forecast the index to come within 50.9. Sentiment in the service sector is at its highest level in 17 months, the report said.
The gold market does not see much reaction to the latest US economic data; December gold futures traded last at $ 1,935.90 an ounce, 0.57% down on the day.
“August data indicated a further improvement in business conditions in the private sector as customer demand rose among both manufacturers and service providers. Notably, the renewed increase in sales among the services sector was welcome news after five months of declines, ”said Siân Jones, an economist at IHS Markit in the report.
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