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Gold is still within reach of $ 1,800 an ounce because the latest data from the Institute for Supply Management (ISM) indicates that activity in the US manufacturing sector remained unchanged in November.
The ISM reported on Wednesday that the manufacturing index for November was 61.1%, up from 60.8% in October. It almost matched the forecast of economists
Readings above 50% are considered a sign of economic growth and vice versa, and the further the indicator is from 50%, the greater or smaller is the rate of change.
But while activity continues to grow, the ISM noted that the economy is facing some challenges.
The US manufacturing sector is in a demand-driven, supply chain-constrained environment, with some signs of slight improvement in working conditions and supplies.
New orders were up 61.5% in November, from 59.8% in October. The manufacturing Index is also at 61.5%, higher than the previous value of 59.3%.
The labor market also improved, rising to 53.3% from 52.0 in October.
All this is negative for the gold market, despite the fact that, at first glance, it seems that inflation peaked when the price index fell to 82.4%.
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