Gold sells off after New York manufacturing index posts blowout 31.2 in November
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Gold prices declined following the release of a strong New York manufacturing index, which posted a 31.2 in November.
November 15, 2024 | 2:15 pm
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NEGATIVE IMPACT
AAAU, a gold-backed ETF, may experience a decline in value as gold prices fall due to a strong New York manufacturing index.
The strong manufacturing index suggests economic strength, which can lead to reduced demand for gold as a safe-haven asset, negatively impacting gold-backed ETFs like AAAU.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80