Gold price climbs as U.S. manufacturing sector disappoints in June gold economy manufacturing
The gold market jumped to new daily highs after the U.S. manufacturing sector contracted for the eighth consecutive month in June.
Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change. April marked the sixth consecutive monthly contraction. The employment index fell into contraction territory, down 3.3 percentage points to 48.1% in June, which is what gold reacted to. This comes ahead of the highly anticipated June nonfarm employment report to be released Friday.
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