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MTECHTIPS:- Gold pushes higher after disappointing ISM data

MTECHTIPS:- Gold pushes higher after disappointing ISM data

Gold futures rose on Tuesday, after data showed that manufacturing activity in the U.S. expanded at the slowest rate in more than two years in August, dampening optimism over the strength of the economy. Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $6.60, or 0.58%, to trade at $1,139.10 a troy ounce during U.S. morning hours. A day earlier, gold dipped $1.50, or 0.13%. The Institute for Supply Management said its index of purchasing managers fell to 51.1 last month from a reading of 52.7 in July. Analysts had expected the manufacturing PMI to dip to 52.6 in August. The downbeat data fanned hopes that the Federal Reserve could delay raising interest rates until the very end of 2015, instead of at its next policy meeting in two weeks. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months. Meanwhile, steep losses in global equity markets supported demand for the yellow metal. Wall Street tumbled after the open on Tuesday, as fears of a China-led global economic slowdown spooked traders and rattled sentiment. European and Asian equity markets also came under heavy selling pressure after a pair of reports on China’s manufacturing sector added to indications that the world’s second largest economy is losing momentum.

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