Gold Price Poised To End Trading Week With Neutral Performance

Gold rebounds from weekly lows after managing to hold above $1,770. Wall Street indices are dropping more than 1% on Friday, adding to weekly losses.

Gold price rebounded further from weekly lows following the release of the US S&P Global PMI report, hitting a fresh daily high at $1,793. It is about to end the week at the same level it had seven days ago.

The Gold Index broke above $1,785 after the release of the US S&P Global PMI report that came in below expectations. According to the preliminary report, in December the S&P Global Manufacturing PMI fell from 47.7 to 46.2, against market consensus of 47.7. The S&P Global Services PMI fell unexpectedly from 46.2 in November to 44.4 in December.

The economic data weighed on the US Dollar that pulled back across the board momentarily. The decline in equity prices in Wall Street limited the downside for the dollar.