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Financial News: Gold Prices Ebb On Monday

Gold Prices Ebb On Monday

11/04/2019 - 14:12:00 (RTTNews)

(RTTNews) - Gold prices saw mild weakness on Monday. Continuing to react to better than expected U.S. employment data that lured investors away from the safe havens.

Gold was down $7.20 or 0.48 percent to $1,506.90, while gold futures were down $1.05 or 0.13 percent at $1,509.45.

But additional data showing continued contraction last month in U.S. manufacturing activity should help the losses remain modest with support at $1,500.

While unexpectedly strong U.S. jobs data helped boost global investors' appetite for riskier assets, economic activity in the U.S. manufacturing sector contracted for the third month in a row in October, suggesting that business sentiment remains more cautious than optimistic.

Of the 18 manufacturing industries, only five reported growth in October, while 12 industries reported contraction. American manufacturers are still struggling with soft demand and weak exports amid an ongoing trade spat with China.

In addition, Germany's manufacturing sector remained stuck in recession in October, though the final reading came in slightly better than an initial estimate published last month.

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