Gold price at daily highs as ISM Manufacturing Index retreats but beats expectations in October

(Kitco News) Gold prices ticked to daily highs as the headline manufacturing index from the Institute for Supply Management retreated in October but came in above expectations.

The ISM manufacturing index was at 60.8% last month, beating the consensus forecast of 60.5%. But the monthly figure marked a 0.3 percentage-point decline from September's reading of 61.1%.

"This figure indicates expansion in the overall economy for the 17th month in a row after a contraction in April 2020," the report said.