Gold prices held firm above $2,650 in early trading, with investors exercising caution ahead of the release of critical US PMI data. The market anticipates insights into the economic outlook, as the Purchasing Managers’ Index will provide a gauge of business activity and potential growth trajectory.
This steady performance in gold reflects broader uncertainty as traders assess whether the data could influence the Federal Reserve’s monetary stance. A stronger-than-expected PMI could fuel concerns over sustained interest rate hikes, potentially dampening demand for non-yielding assets like gold. Conversely, weaker data may bolster the appeal of gold as a safe-haven asset.
