{"id":31203,"date":"2023-07-04T07:06:53","date_gmt":"2023-07-04T11:06:53","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-rebound-as-u-s-manufacturing-survey-shows-activity-dipped-to-lowest-since-may-2020-2\/"},"modified":"2023-07-04T07:06:54","modified_gmt":"2023-07-04T11:06:54","slug":"gold-prices-rebound-as-u-s-manufacturing-survey-shows-activity-dipped-to-lowest-since-may-2020-2","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31203","title":{"rendered":"Gold prices rebound as U.S. manufacturing survey shows activity dipped to lowest since May 2020"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002240701\" role=\"document\">\n<p>Gold prices eked out a marginal gain on Monday after prices pared earlier declines following the release of a closely watched gauge of manufacturing activity, which had slid to its lowest level since the onset of the COVID-19 pandemic.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.39%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.39%<\/bg-quote><br \/>\n       gained $1.40, or 0.7%, to settle at $1,930.80 an ounce on Comex. <\/p>\n<\/li>\n<li>\n      September silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.58%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       gained 8 cents, or 0.3%, to settle at $23.09 per ounce. <\/p>\n<\/li>\n<li>\n      September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+1.51%<\/bg-quote><br \/>\n       rose by $5, or 0.4%, to settle at $1,226 per ounce, while October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+1.17%<\/bg-quote><br \/>\n       gained $2.50, or 0.3%, to$915.70, <\/p>\n<\/li>\n<li>\n      Copper for September delivery<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"negative\">-0.24%<\/bg-quote><br \/>\n       gained 3 cents, or 0.9%, to settle at $3.79 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>\u201cGold\u00a0has struggled in recent weeks against the backdrop of persistent stubborn inflation, resilient economic data, and, as a result, higher interest rate expectations. We\u2019re seeing it bounce back a little over the last couple of sessions after briefly dipping below $1,900 but the trend is still very much against it,\u201d said Craig Erlam, senior market analyst at OANDA. <\/p>\n<div class=\"paywall\">\n<p>Gold prices received a reprieve on Monday after a barometer of business conditions at American factories fell to the lowest level since 2020 when the U.S. was locked down during pandemic, underscoring broad weakness in the industrial side of the U.S. economy. <\/p>\n<p>The Institute for Supply Management\u2019s manufacturing survey dipped to 46% in June from 46.9% in the prior month. It was the lowest reading since May 2020.<\/p>\n<p><strong>See:<\/strong> Manufacturers contract for 8th month in a row, ISM finds, and are weakest since the pandemic lockdowns<\/p>\n<p>But analysts expected the report likely only elicited a brief reprieve for gold prices, which have been trending lower since logging the second-highest close for a most-active futures contract ever on May 4. The most-active contract settled at $2,055.70 an ounce that day, Dow Jones Market data show.<\/p>\n<p>Precious-metals market analysts have blamed the weakness in gold on expectations that the Federal Reserve could delivery two more interest-rate hikes later this year, which has helped to push up Treasury yields and the value of the U.S. dollar. <\/p>\n<p>The highest settlement level on record for the yellow metal arrived on Aug. 6, 2020, when prices finished at $2,069.40 per ounce, according to Dow Jones Market Data. Analysts had thought gold might eclipse that high during its bull run that began last fall and peaked in May. Whether or not it will resume remains to be seen. <\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"negative\">-0.01%<\/bg-quote><br \/>\n       gained 0.2%, to 103.09, while the yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.858%<\/bg-quote><br \/>\n       gained 5.3 basis points to 3.863%. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-kick-off-second-half-of-2023-in-the-red-as-u-s-dollar-strengthens-aa5d4c20?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices eked out a marginal gain on Monday after prices pared earlier declines following the release of a closely watched gauge of manufacturing activity, which had slid to its lowest level since the onset of the COVID-19 pandemic. Price action Gold for August delivery GC00, +0.39% GCQ23, +0.39% gained $1.40, or 0.7%, to settle [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-31203","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices rebound as U.S. manufacturing survey shows activity dipped to lowest since May 2020 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices eked out a marginal gain on Monday after prices pared earlier declines following the release of a closely watched gauge of manufacturing\" \/>\n<meta name=\"robots\" content=\"index, follow, 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