World gold prices surged.

Gold prices rose more than 2%, nearing $4,100 an ounce as US manufacturing activity slowed and the market reassessed the Fed's policy outlook.

Spot gold prices have returned to the $4,100/ounce mark. Photo: Bloomberg .

According to Kitco, spot gold prices are trading near their session high, approaching $4,100 per ounce, after the latest data showed US manufacturing growth was lower than expected last month.

The Institute for Supply Management (ISM) has just released its manufacturing Purchasing Managers' Index (PMI), which fell to 53.3 points in June, down from 54 points in May – the highest level since May 2022. This result was lower than analysts' forecasts, which had expected the index to remain at 54 points.

"Entering June, U.S. manufacturing activity remained in expansion territory, but the pace of growth slowed compared to the previous month," said Susan Spence, chair of the ISM Manufacturing Business Survey Committee.

According to Ms. Spence, of the five indicators that make up the PMI, both New Orders and Production increased at a slower pace last month. Meanwhile, Supplier Lead Times continued to improve, and the Employment and Inventory indicators both showed positive signs, with inventories returning to expansion territory for the first time.

Gold prices are approaching the $4,100 /ounce mark again. Photo: TradingView.

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Just before the ISM data release, spot gold prices rose to a session high of $4,108.20 per ounce. The precious metal then traded around $4,094.56 per ounce, up 2.17% from the previous session.

The components of the report reflect a mixed picture of the U.S. manufacturing sector. While new orders and employment improved, output weakened. Notably, price pressures continued to ease in June.

According to Bloomberg , gold prices rose as investors reassessed the outlook for US monetary policy following the latest remarks from Federal Reserve Chairman Kevin Warsh at the annual conference of central banks.

At the annual Central Bank Forum organized by the European Central Bank (ECB) in Sintra, Portugal, Warsh emphasized that the Fed would not provide "pre-determined guidance" on the future path of interest rate adjustments. According to him, this represents a significant shift in the Fed's policymaking approach.

In addition, the Fed chairman said that risks associated with price pressures have eased in recent weeks. However, he reaffirmed his determination to bring inflation back to the US central bank's 2% target.

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Source: https://znews.vn/gia-vang-the-gioi-tang-vot-post1665281.html