ISM Manufacturing PMI Falls to 54.6, Spot Gold Price Rebounds

The US manufacturing sector experienced a downturn in August, according to the Institute for Supply Management (ISM). The ISM Manufacturing Purchasing Managers Index fell to 54.6, lower than the expected reading of 55.3 and below July's figure of 55.6.

Susan Spence, Chair of the ISM Manufacturing Business Survey Committee, noted that while manufacturing activity remains in expansion territory, it has lost ground in several key areas, including New Orders, Backlog, and Imports indexes.

The spot gold price dipped to a session low of $4,326.27 shortly after 9 am ET but recovered to trade at $4,366.69 per ounce by the time the ISM report was released at 10 am ET, resulting in a loss of 1.86% on the day.