Gold price rally gains steam as U.S. new home sales drop 12.6% in July
The gold market is holding on to gains above $1,750 as the U.S. manufacturing and service sector are losing more momentum the expected in August. Tuesday, the S&P Global Flash U.S. Composite PMI said that preliminary manufacturing PMI data fell to 51.3, down from July’s reading of 52.2. The data was weaker than expected; according to consensus estimates, economists were looking for a reading around 51.8.
economy, but the rate of decline was the biggest in the survey’s 13-year history, excluding the precipitous fall at the start of the 2020 pandemic. “August flash PMI data signaled further disconcerting signs for the health of the U.S. private sector. Demand conditions were dampened again, sparked by the impact of interest rate hikes and strong inflationary pressures on customer spending, which weighed on activity.
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