Commodities
US Economic Data Weighs Down Gold Prices Amid Strong Growth
The gold market is experiencing downward pressure as US service sector and manufacturing data show stronger growth than expected.
According to recent data, the preliminary composite PMI (Purchasing Managers' Index) increased to 58.4 points in September, exceeding economists' forecast of 55.2 points.
This marks the fourth consecutive month of acceleration and the fastest pace in over five years, with employment also increasing sharply and job creation reaching its highest rate in more than four years.
The strong US economic data suggests that the US Federal Reserve (Fed) may maintain tight monetary policy, putting downward pressure on gold prices.