Spot gold slides to $4,280/oz after September flash S&P Global composite PMI jumps to 58.4
AI Market Summary
Spot gold sold off after S&P Global's flash US Composite PMI rose to 58.4 in September, beating expectations and signaling accelerating growth led by services with improving manufacturing output. Stronger activity data typically pressures defensive assets by lifting real-rate and growth expectations, reducing near-term demand for gold as a macro hedge.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-1.10%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Spot gold fell to $4,280 per ounce as investors weighed stronger-than-expected U.S. activity data that pointed to a firmer services sector and improving manufacturing momentum.
S&P Global said Wednesday its September flash Composite Purchasing Managers Index (PMI) rose to 58.4 from 56.0 in August, beating the 55.2 consensus forecast. The firm said U.S. business activity growth accelerated for a fourth straight month, marking the fastest pace in more than five years. A sharp pickup in services activity was joined by a renewed improvement in manufacturing output growth.
