Gold prices are holding above $1,900 an ounce even as the U.S. economy sees further growth in the U.S. manufacturing sector, according to the latest data from the Institute for Supply Management (ISM).
Tuesday, the ISM said its manufacturing Purchasing Managers Index (PMI) showed a reading of 61.2% for May, up from April’s reading of 60.7%. The data was better than expected, as consensus forecasts called or a roughly unchanged reading.
The gold market is seeing some selling pressure in initial reaction to the data but prices continue to hold critical support. August gold futures last traded at $1,905.20 an ounce, unchanged on the day.