Gold prices fell on Wednesday in Asia as traders digested the latest development on Brexit and weak U.S. data.
Gold Futures for December delivery slipped 0.4% at $1,482.65 per ounce by 1:08 AM ET (05:08 GMT) on the Comex division of the New York Mercantile Exchange.
The Institute of Supply Management’s manufacturing PMI posted its lowest reading in a decade, falling to 47.8 for September and disappointing consensus forecasts of a rebound above 50.
Prices of the yellow metals initially gained following the release of the manufacturing data, as the weak reading led to broad risk aversion on Wall Street and a rush into safe havens.
The Federal Reserve might be prompted to cut interest rates for a third time this year, providing further support to gold prices.
Source : Investing.com