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Gold prices trade near session lows strong S&P flash PMI data helping to weigh on market

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Cryptocurrencies Gold prices trade near session lows strong S&P flash PMI data helping to weigh on market

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Friday, the S&P Global Flash U.S. Composite PMI reported a healthy rise in activity within and service sector. The report said that the manufacturing PMI data came in at 51.8, up from August’s reading of 51.5. The data was better than expected; according to consensus estimates, economists were looking for a reading around 51.Meanwhile, activity in the service sector also shows solid momentum rising to 49.2 up from August’s reading at 43.7. Economists were looking for a print around 45.5.

Williamson added that although output improved slightly, September is rounding off the weast quarter of economic growth since the 2008 financial crisis.“There was also better news on inflation, with supplier shortages easing to the lowest since October 2020, helping take some of the pressure off raw material prices.

 

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