Gold (XAU/USD) rallies for the fifth day in a row. The precious metal pulls back below $2,700 again during the US session on Friday after the US Dollar (USD) gains ground following the release of stronger-than-expected activity data. Overall, however, Gold sees gains as inflaming Russia-Ukraine tensions drive renewed safe-haven flows.
The preliminary US Global Composite PMI rises to 55.3 in November from 54.1 in October, according to data on Friday. The Manufacturing PMI rose to 48.8 in line with expectations and the Services PMI rose to 57.0 from 55.0 previously and beat expectations of 55.3.
The data further strengthens the US Dollar (USD), which is underpinned by the anticipation of the Trump government implementing Dollar-positive policies in January and recent data evidencing a robust US labor market.
Source: newsmaker.id
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