Spot Gold Surges to A$5,060 per Ounce on Weak PMI
Spot gold in Australian dollars climbed to A$5,060 per ounce after the flash S&P PMI dropped to its lowest level in 10 months. U.S. GDP growth of 1.4% in Q4 and signs of stability in the housing market have helped gold remain above A$5,000.
1. Spot Gold Surge
Spot gold priced in Australian dollars hit a session high of A$5,060 per ounce as investors reacted to softer economic indicators, marking a fresh peak above the key A$5,000 level.
2. Flash S&P PMI Decline
The flash S&P composite PMI plunged to its weakest reading in 10 months, reflecting a slowdown in both manufacturing and services sectors and boosting demand for safe-haven assets.
3. Impact of US GDP Growth
U.S. GDP expanded at a 1.4% annualized rate in Q4, a moderate rebound that tempered risk appetite but did little to deter gold’s upside, given lingering economic uncertainties.
4. Housing Market Stability Influence
Emerging signs of stabilization in the U.S. housing market have provided additional support for gold’s rally, as investors weigh tightening supply against steady demand for real assets.