Gold price edges up as ISM Manufacturing Index disappoints in July

(Kitco News) Gold prices ticked up as the headline manufacturing index from the Institute for Supply Management came in below expectations in July.

The ISM manufacturing index was at 59.5% last month, disappointing the consensus forecast of 60.9%. The monthly figure marked a 1.1 percentage-point decline from June's reading of 60.6%.

"This figure indicates expansion in the overall economy for the 14th month in a row after contraction in April 2020," the report said.

Readings above 50% in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.