Gold Prices Firm After U.S. Manufacturing PMI Beats Expectations In December
(Kitco News) - Gold prices continued to trade firmly above the $1,300 level after the release of December’s final manufacturing PMI for the U.S., which was reported to be at the highest level since March 2015.
The U.S. manufacturing Purchasing Managers Index for December rose to a reading of 55.1 from November’s 53.9, marking the quickest pace in over two years, research firm IHS Markit said in its latest report. The December figure was slightly higher than the market consensus of 55.0.
Any monthly reading above 50 points to an expanding sector, while anything below that shows contraction in activity.
“US manufacturers ended 2017 on a high. Output growth accelerated to its fastest since the start of the year on the back of a marked upswing in demand as the year came to a close,” said Chris Williamson, chief business economist at IHS Markit. “The upbeat mood is underscored by an increased appetite to hire new staff, with the survey indicating that factory payroll numbers are rising at a rate not seen for over three years.”
Gold prices didn’t have a significant reaction to the data, with February Comex gold last seen trading at $1,312.50, up 0.40% on the day.
Earlier this morning, gold prices hit a more-than-three-month high, driven by slumping U.S. dollar index, according to Kitco’s senior technical analyst Jim Wyckoff.
By Kitco NewsFor Kitco News
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