Tue 01 May 2012 11:12:00 CT
The gold market waffled around both sides of unchanged this morning but apparently a slight rise in US ISM manufacturing PMI readings served to downplay the prospect of Fed easing and that was discouraging to some gold bulls. The gold market also saw a slight rise in Construction Spending this morning but that news seemed to provide the industrial metals markets a lift and in turn that left gold prices off balance. In the end, US economic news this morning showed growth but not enough growth to fully remove easing efforts from the table. The data this morning prompted some adverse currency market action but not enough to drive gold prices sharply. In the end, rate cut bulls in gold were probably dealt a minor blow this morning by the US reports and it could take consistent gains in equities just to keep the gold sellers at bay this afternoon.
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