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Gold Prices Rise Against Trend

Tue, Sep 1, 7:21 PM ET, by The Gold Stock Strategist

Spot gold prices finished 0.5 percent higher on Tuesday ending at $956.50 an ounce after the Institute for Supply Management’s manufacturing index beat consensus estimates of 50.5, rising from 48.9 in July to 52.9 for August. The ISM manufacturing index knifed through the 50 level for the first time in 19 months — signaling expansion in U.S. manufacturing.


Gold is considered a hedge during times of high inflation and economic uncertainty, and its price generally follows crude oil prices and moves opposite to the U.S. dollar. The yellow metal rose in spite of a sharp drop in U.S. stocks, a strengthening dollar, and lower oil prices. Silver advanced as well to over $15 an ounce.

U.S. equity markets were down over 2 percent today. Crude oil prices slipped over 2 percent, reaching a two week low. The U.S. dollar showed strength by rising 1 percent against the Euro based largely on both positive U.S. manufacturing news and the perception of increased risk in global markets.


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This Article's Word Cloud:   Euro   Gold   July   Management   Silver   Spot   Supply   against   consensus   considered   dollar   economic   ending   estimates   expansion   first   gold   hedge   higher   increased   index   inflation   largely   lower   manufacturing   markets   months   news   opposite   ounce   over   percent   perception   positive   price   prices   reaching   rising   risk   sharp   showed   spite   stocks   strengthening   through   times   uncertainty   week   were   yellow

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