Gold Holds Steady as US PMI Data Signals Economic Resilience

Gold stays above $4,000 an ounce without strong bullish momentum, as the US economy shows resilience per S&P Global's flash data. The Composite PMI rose to 53.6 in July from 51.9, an eight-month high, driven by services PMI at 53.6. Manufacturing PMI dipped to 53.8. Chris Williamson stated: “US businesses reported a good start to the third quarter, the ‘flash’ PMI survey data broadly consistent with GDP growing at an annualized 2.0% against a 1.2% pace signalled for the second quarter. The month saw an encouraging return to hiring by companies, with employment rising for the first time in three months.” Despite this, some services growth may be temporary after World Cup and Independence Day, with manufacturing facing supply delays and rising input costs at over a year's high. Gold traded at $4,058.10, up 0.23%.