2023-05-23 14:38:45
Justice gold from today’s losses, to rise for the first time since the start of trading, surpassing the opening level at $1971.84 an ounce, to $1973.
The rise in the price of gold came with the support of the US Composite Purchasing Managers’ Index (PMI), which rose to 54.5 in May, compared to 53.4 in the previous month.
The latest reading indicated the fastest pace of expansion in the private sector in the United States since April 2022, as growth in the services sector accelerated to the highest level in 13 months, thanks to strong demand conditions.
Meanwhile, industrial production rose only marginally, while total new orders increased for the third month in a row, despite exports falling for the 12th consecutive month, and employment levels rose at the fastest pace since July 2022.
Cost pressures varied across the private sector. In the US, manufacturers posted input prices falling for the first time in three years, yet output charges continued to rise at a strong pace.
In the aftermath trimmed dollar index Which reveals the strength of the US dollar against a basket of other currencies, to record 103,170 points.
Also read..
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Between increase and decrease.. The price of gold fluctuates near the end of trading today, Tuesday, May 23, 2023
Gold is falling against the dollar due to the US debt crisis
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