United States statistics also fuelled the Gold price advances

Mostly downbeat statistics from the United States also weighed on the US Dollar and favored the Gold price (Yellow Metal) to rise further.

The preliminary readings of the US S&P Global Manufacturing PMI for November eased to 47.6 from 50.0 expected and 50.4 prior whereas the Services PMI also followed the suit while declining to 46.1 compared to 47.9 market forecasts and 47.8 previous readings. Overall, the S&P Global Composite PMI for November dropped to 46.3 versus 47.7 expected and 48.2 prior readouts.

Additionally, the United States Weekly Jobless Claims rose the most since June, to 240K versus 225K expected and 223K prior, which in turn favored the sentiment and drowned the US Dollar while fueling the Gold price.

Alternatively, the US Durable Goods Orders increased by 1.0% in October versus 0.4% marked expectations and downwardly revised 0.3% prior.

Spread the love

Educating people by helping them understand the benefits of precious metals as part of their portfolios.

Leave a Comment