Gold price in striking distance of $1,800 following U.S. ISM data

  • 12/01/2021
  • Source: Kitco News
  • by: Neils Christensen
The gold market remains within striking distance of $1,800 an ounce as activity in the U.S. manufacturing sector hold steady in November, according to the latest numbers from the Institute for Supply Management (ISM).

Wednesday, the ISM said its manufacturing index showed a reading of 61.1% for November, up from October's reading of 60.8%. The data was relatively in line with consensus forecasts.

Readings above 50% in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.

The latest economic data is having little impact on gold as the precious metal continues to hold in positive territory. February gold futures last traded at $1,793.2 an ounce, up nearly 1% on the day.
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