Investing.com – Gold futures pared losses on Thursday, bouncing off the daily low after a report showed that manufacturing activity in the U.S. grew at the slowest pace since July 2009 last month.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,822.75 a troy ounce during U.S. morning trade, easing down 0.09%.
It earlier fell as much as 0.7% to trade at a daily low of USD1,815.15 a troy ounce.
The U.S. Institute for Supply Management said earlier that its index of purchasing managers fell to 50.6 in August from 50.9 in July. Analysts had expected the ISM index of purchasing managers to decline to 48.5 in August.
A separate report showed that the number of individuals filing for initial jobless benefits in the U.S. fell by 12,000 last week to a seasonally adjusted 409,000, broadly in line with expectations. The previous week’s figure was revised up to 421,000 from 417,000.
Meanwhile, data showed that the euro zone’s manufacturing purchasing managers’ index fell to a two-year low of 49.0 in August, down from a preliminary reading of 49.7.
Germany’s manufacturing PMI slowed to its lowest level since September 2009, slumping to 50.9, well below an initial estimate of 52.0. National PMI’s also signaled contractions in Ireland, France, Italy, Spain and Greece.
Also Thursday, data showed that manufacturing activity in the U.K. fell unexpectedly in August, dropping to the lowest level since May 2009.
Global financial service provider Barclays said in a report earlier that although gold prices could face a correction in the short-term, “long-term sentiment is underpinned by a number of factors including low U.S. interest rates, stubborn inflation in emerging economies and a lingering euro zone debt crisis.”
The lender added that it expected gold prices to “venture further into uncharted territory."
Elsewhere on the Comex, silver for December delivery slumped 0.54% to trade at USD41.39 a troy ounce, while copper for December delivery retreated 1.04% to trade USD4.157 a pound.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,822.75 a troy ounce during U.S. morning trade, easing down 0.09%.
It earlier fell as much as 0.7% to trade at a daily low of USD1,815.15 a troy ounce.
The U.S. Institute for Supply Management said earlier that its index of purchasing managers fell to 50.6 in August from 50.9 in July. Analysts had expected the ISM index of purchasing managers to decline to 48.5 in August.
A separate report showed that the number of individuals filing for initial jobless benefits in the U.S. fell by 12,000 last week to a seasonally adjusted 409,000, broadly in line with expectations. The previous week’s figure was revised up to 421,000 from 417,000.
Meanwhile, data showed that the euro zone’s manufacturing purchasing managers’ index fell to a two-year low of 49.0 in August, down from a preliminary reading of 49.7.
Germany’s manufacturing PMI slowed to its lowest level since September 2009, slumping to 50.9, well below an initial estimate of 52.0. National PMI’s also signaled contractions in Ireland, France, Italy, Spain and Greece.
Also Thursday, data showed that manufacturing activity in the U.K. fell unexpectedly in August, dropping to the lowest level since May 2009.
Global financial service provider Barclays said in a report earlier that although gold prices could face a correction in the short-term, “long-term sentiment is underpinned by a number of factors including low U.S. interest rates, stubborn inflation in emerging economies and a lingering euro zone debt crisis.”
The lender added that it expected gold prices to “venture further into uncharted territory."
Elsewhere on the Comex, silver for December delivery slumped 0.54% to trade at USD41.39 a troy ounce, while copper for December delivery retreated 1.04% to trade USD4.157 a pound.