- Analytics
- News and Tools
- Market News
- Gold price rises on a weaker U.S. dollar and as U.S. stock markets decline
Gold price rises on a weaker U.S. dollar and as U.S. stock markets decline
Gold price increased on a weaker U.S. dollar and as U.S. stock markets declined. The preliminary U.S. manufacturing purchasing managers' index (PMI) for the U.S. weighed on the U.S. dollar. The U.S. preliminary manufacturing purchasing managers' index remained unchanged at 53 in September, in line with expectations. It is the lowest level since October 2013.
A reading above 50 indicates expansion in economic activity.
Higher expansion in output was offset by slower pace of expansion in new orders and employment.
Concerns over the slowdown in the Chinese economy also supported gold price. The Chinese preliminary Markit/Caixin manufacturing Purchasing Managers' Index (PMI) decreased to 47.0 in September from 47.3 in August, missing expectations for a rise to 47.5, and hitting a 78-month low.
The output index fell to 45.7 in September from 46.4 in August, reaching a 78-month low. New orders, new export orders, employment, output prices and input prices also declined.
October futures for gold on the COMEX today rose to 1129.90 dollars per ounce.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
