Gold price trades with a positive bias for the fourth successive day on Thursday and is currently placed just below the $1,920 area, or a nearly two-week high touched the previous day. The XAU/USD, however, lacks bullish conviction, warranting some caution before positioning for an extension of the recent bounce from the $1,885 zone, or the lowest level since March 13 touched earlier this week.
Against the backdrop of the worsening economic conditions in China, a host of manufacturing surveys released on Wednesday painted a grim picture of the health of economies across the globe. Furthermore, the dismal macro data from the United States (US) showed that business activity in the world's largest economy approached the stagnation point in August. In fact, the S&P Global's flash Composite US PMI registered its biggest drop since November 2022 and fell to 50.4 in August from the 52 previous. This adds to worries about a deeper global economic downturn and turns out to be a key factor acting as a tailwind for the safe-haven Gold prices.
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