
Gold Prices Surge Amid Deepening U.S. Manufacturing Contraction
The gold market experienced a significant surge in prices following the release of disappointing U.S. manufacturing data. The Institute for Supply Management (ISM) reported that its U.S. manufacturing index fell to 46.8% in July, down from June's 48.5%. This decline, deeper than anticipated, signals a worsening contraction in the sector and has prompted investors to turn to gold as a safe-haven asset. The unexpected economic downturn has raised concerns about the broader economy's health and inflationary pressures.
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