On August 1, 2024, the Institute for Supply Management released ISM Manufacturing PMI report. The report indicated that ISM Manufacturing PMI declined from 48.5 in June to 46.8 in July, compared to analyst consensus of 48.8.
New Orders Index declined from 49.3 in June to 47.4 in July, while Production Index decreased from 48.5 to 45.9.
The Institute for Supply Management commented: “Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and other conditions.”
Today, traders also had a chance to take a look at S&P Global Manufacturing PMI report for July. The report indicated that Manufacturing PMI declined from 51.6 in June to 49.6 in July, compared to analyst consensus of 49.5. Numbers below 50 show contraction.
U.S. Dollar Index pulled back towards 104.10 as traders reacted to ISM Manufacturing PMI report. The report showed that the manufacturing sector remained under pressure, which may force the Fed to start cutting rates more aggressively.
Gold Price Forecast
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See all Gold forecastsGold settled near the $2450 level as traders focused on PMI data. From a big picture point of view, gold markets are supported by dovish comments from Fed Chair Powell.
SP500 moved away from session highs and is trying to settle below the 5540 level. Traders take some profits off the table after yesterday’s rally.
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