Gold prices resilient despite strong US economic data
Originally Published 2 years ago — by Kitco NEWS
Gold prices are facing selling pressure despite better-than-expected U.S. Flash PMI data showing expansion in both the manufacturing and service sectors. The manufacturing PMI reached its highest level since April, while the service sector PMI rose to its highest level in three months. The positive economic data suggests that the Federal Reserve's tightening cycle may have ended, easing inflation fears. However, gold is experiencing technical selling pressure as traders take profits after last week's rally.