Gold price at session highs as U.S. ISM Manufacturing PMI drops to 46.3
Monday, the ISM said that its manufacturing Purchasing Managers Index dropped deep into contraction territory in March, falling to 46.3%, down slightly from February's reading of 47.7%. The data missed expectations as economists were looking for a roughly unchanged reading of around 47.5%.
"…the March composite index reading reflects companies continuing to slow outputs to better match demand for the first half of 2023 and prepare for growth in the late summer/early fall period," said Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee. Looking at the components of the report, New Orders dropped to a reading of 44.3%, down from February's reading of 47%. At the same time, the Production Index increased slightly to 47.8%, up from the previous reading of 47.3%.
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