U.S. Composite PMI Rises to 53.6 in July, Gold Holds Above $4,000

According to S&P Global's flash Purchasing Managers Index data released Friday, the U.S. Composite PMI rose to 53.6 in July from 51.9 in June, reaching an eight-month high. The Services PMI climbed to 53.6 from 51.2, while the Manufacturing PMI slipped to 53.8 from 53.9, though business confidence reached an eight-month high. Spot gold last traded at $4,058.10 an ounce, up 0.23% on the day, showing little reaction to the mixed economic data.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, noted that while the broad economic barometer signals GDP growth at an annualized 2.0%, manufacturing growth is weakening amid supply chain delays and renewed price pressures. Input costs reached their highest level in more than a year, driven by elevated energy and shipping prices, tariffs, and supplier price increases.