Gold Grinds Higher Amid Downbeat Manufacturing Data

Gold futures rose Monday amid somewhat disappointing economic data and questions about whether the Federal Reserve will raise interest rates again this year.

August gold climbed $6.20, or 0.5%, to settle at $1,233.70/oz.

Activity in the New York manufacturing sector grew at a notably slower pace in the month of July, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index dropped to 9.8 in July from ‘19.8 in June, although a positive reading still indicates growth. Economists had expected the index to fall to 15.0.

Eurozone inflation slowed to a 6-month low in June as estimated, final data from Eurostat showed Monday.

Inflation eased slightly to 1.3 percent in June from 1.4 percent in May. The rate came in line with the flash estimate published on June 30.

The material has been provided by InstaForex Company – www.instaforex.com

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