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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid growing concerns of a slowdown in US economic expansion, data from the Institute for Supply Management showed the Manufacturing PMI fell to 53.3 in June from 54 in May, below market expectations of 54. The weaker reading boosted expectations for safe-haven demand for gold.
According to market data, spot gold rose toward $4,100/oz during the session, benefiting from a weaker dollar and falling bond yields. This follows a series of US economic data indicating a slowdown, including Q1 GDP growth of 2.1% (vs. 1.6% forecast) and a 4.5% drop in durable goods orders in May, per earlier economic releases.
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Sign InInvestors are now focusing on Fed officials' speeches to gauge the monetary policy path, with the dollar likely to remain under pressure if economic data stays weak. The $4,100 level remains a key psychological resistance for gold, with potential retests if the economy continues to slow. Markets are also awaiting US employment data and inflation indicators to confirm the trend.