US ISM Manufacturing Index Drops to 54.5 as Gold Holds at $4,158
The US ISM Manufacturing Index falls to 54.5 in September, missing expectations, while the prices index rises to 77.9, keeping gold near $4,158.26 per ounce.
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The Institute for Supply Management (ISM) Manufacturing Index in the United States fell to 54.5 points in September from 54.6 points in August, coming in below expectations of 55 points.
The prices index in the report recorded a rise to 77.9 from 71.1, following the release of the data at 10:00 AM US Eastern Time.
Spot gold traded at $4,158.26 per ounce, up a slight 0.03%, staying above its overnight session low of $4,139.
The ISM Manufacturing Index is an early indicator of the state of the US economy, monitored by investors to gauge demand trends and prices ahead of inflation data and interest rate decisions, linking gold price movements to these indicator readings.
What do these terms mean?
ISM Manufacturing Index: A monthly survey sent to purchasing managers in US factories, measuring production, orders, employment, and prices, making it an early gauge of economic health. Prices Index: A component of the survey tracking input prices paid by factories; an increase points to upcoming inflationary pressures. Spot Gold: The purchase price of the metal for immediate delivery in the global market, which is the most widely followed price per ounce. Gold Ounce: The globally recognized unit of weight for pricing gold, equal to approximately 31.1 grams.
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