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Sunday, December 16th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Recedes as the Released Data of US Factories Beats Expectations and Lifts Equities

Gold recedes on Thursday unexpectedly for the first time in three days after the performance data of the United States manufacturing sector, the ISM, proves better than the common expectations of many analysts and stocks were lifted up in response to the glad tidings.

Gold had posted a dramatic appreciation in price and its strongest gain in the month of August on the hill of speculations that the Federal Reserve would mint more money to ease the economy which had almost slipped into recession and which could have fuelled more inflation and a further loss of value of the dollar.

Eugene Weinberg, an analyst with Commerzbank feared a further slip in the price of gold might continue since the key index of the Institute Supply Management (ISM) which stood at 50.6 indicates a reduction in risk tendencies and a better performance rating for the manufacturing concerns.

The ISM at 50.6 exceeds the 48.5 estimated values that analysts were expecting would be achieved by the US manufacturing sector. The ISM values below 50 shows a contraction in the activities of the US factories or the manufacturing sector which translate to loss of jobs.

Analysts are, however, expecting more light to be shed on this new trend in the growth of the US economy with the release of government report on employment for the month of August which is scheduled to be made public Friday.



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