US Chicago Purchasing Managers' Index increase to 56.8 in Feb from 55.6 in Jan

Feb 28, 2013

Commodities Brief – Gold holds below 1600, silver below 29.00 after upbeat US data

Gold prices have been unable to mount any manner of effective recovery today as investors have grappled the steady tranche of economic indicators throughout both Europe and the United States Thursday. In particular, the US economy continued to show signs of life as reiterated by Fed Chairman Ben Bernanke yesterday. Technically, Gold has been trading below 1600, though its 200-day SMA continues to shackle any upward movement Thursday. Trading negatively on the day, the yellow metal has settled at USD $1592.05 per oz. at the time of writing.

US: Chicago PMI improves unexpectedly to 56.8 in February

The US Chicago PMI was expected to ease from 55.6 to 54.3 in February, but actual data surprised investors by increasing the expansionary pace to 56.8.