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Gold Prices Fall; Weak U.S. Data, Brexit Developments in Focus


Wednesday, 2 October 2019 12:42 WIB

GOLDEMAS


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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


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