Gold Prices Firm After U.S. Manufacturing PMI Beats Expectations In December

By Kitco News / January 02, 2018 / www.kitco.com / Article Link

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 News

For Kitco News

Contactnews@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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