|09-03-2014, 05:22 AM||#1|
Gold and crude plunge significantly in New York after manufacturing data
Gold actually slipped to 11-week lows as U.S. manufacturing in August expanded at the fastest pace in three years, bolstering prospects for the economy and damping demand for the precious metals as a haven while that crude plummeted as a result of current weak manufacturing signs from Germany to China.
In fact Factory activity expanded at the fastest pace in three years in August as new orders jumped the most in 10 years, indicating strong momentum for the economy heading into the third quarter.
The Institute for Supply Management’s index (ISM) surprisingly climbed to 59, the highest level since March 2011, compared with 57.1 in July. Analysts had called for a reading of 57.1.
The jump in the head index was boosted by the new orders gauge which soared to 66.7, the highest since April 2004.
Accordingly the gold is so far trading around $1264.00 an ounce recording a high of $1286.45 ounce and a low of $1262.25 an ounce and crude is trading around $93.20 a barrel recording a high of $95.88 a barrel and a low of $93.02 a barrel.
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