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Gold Prices Rise as ISM Services PMI Falls to 52.1

2024-12-04 15:50:24.259000

Gold prices have seen a modest increase, trading near session highs as the U.S. ISM Services Purchasing Managers Index (PMI) fell to 52.1 in November, down from 56 in October, which was below the anticipated 55.5 [9572566c]. This marks the fifth consecutive month of economic expansion since June 2020, despite the decline in the PMI. The New Orders Index also decreased to 53.7 from 57.4, while the Business Activity Index dropped to 53.7 from 57.2. Interestingly, the Prices Index saw a slight uptick to 58.2, indicating inflationary pressures, while the Employment Index fell to 51.5 from 53 [9572566c].

In response to these economic indicators, gold prices rose to $2,651.92, gaining 0.31% [9572566c]. Analysts are closely watching these developments, as 14 industries reported growth, while 13 indicated new orders expansion. Comments from industry respondents have been neutral to positive, although there are concerns regarding potential impacts from upcoming elections and tariffs [9572566c].

As the market digests this information, Wall Street is expected to remain cautious, with many investors on the sidelines ahead of Federal Reserve Chair Jerome Powell's speech later today. The market is divided on gold's price prospects, reflecting uncertainty in the broader economic landscape [94996d5b]. Additionally, unusual price movements in gold miners have been noted, suggesting volatility in the sector [00558bf1].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.