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MTECHTIPS;-Gold up Again on Dismal U.S. Data, Fed Cut Hopes

Friday, October 4, 2019 3:57

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MTECHTIPS;-Gold up Again on Dismal U.S. Data, Fed Cut Hopes

MTECHTIPS-GOLD-More dismal news for the U.S. economy is lending more support to gold longs. A key index measuring the services sector hit three-year lows on Thursday, triggering more risk exodus and flow into safe havens. Futures and spot prices of gold advanced in the $1,500 territory. The gains, however, were more modest than the past two sessions when U.S. private payrolls growth showed bleak growth for August and a closely watched manufacturing measure hit 10-year lows. Still, growing fears of an economic slowdown led to speculation that the Federal Reserve will cut rates again this month, a positive development for gold. U.S. gold futures for December delivery settled up $5.90, or 0.4%, at $1,513.80 per ounce on the Comex division of the New York Mercantile Exchange. Spot gold, reflective of trades in bullion, was up $9.08, or 0.6%, at $1,508.99 by 2:13 PM ET (18:13 GMT). Since hitting a two-month low of $1,465 in Tuesday’s intraday trade, Comex gold futures have gained more than $48, or 3.3%. Gold extended its gains on Thursday after the Institute of Supply Management said its non-manufacturing index fell to its lowest level since August 2016. On Tuesday, the ISM said its purchasing managers index for manufacturing posted the lowest reading since 2009. That gloomy data was followed by Wednesday’s ADP) National

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