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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. The disappointing economic data is providing new momentum for the gold market as prices trade around $2,300 an ounce. June gold futures last traded at $2,299 an ounce, up 0.75% on the day.
The drop in activity in the service sector comes two days after the ISM Manufacturing PMI beat expectations and rose into expansion territory for the first time since October 2022. As gold set another record high, Canadian mining legends Frank Giustra, CEO of Fiore Group, and Pierre Lassonde, Chairman Emeritus at Franco-Nevada, say the West has lost its power to set the price of gold. Giustra and Lassonde also warn that in the new geopolitical reality of resource nationalism, Canada is failing its economy and citizens. - Gold prices are firmly higher and hit another record high of $2,308.80 basis June Comex futures today.
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