Institutional Analysis: Gold Edged Higher in Thin Trade as Investors Weigh Weak U.S. Economic Data

Gold prices edged higher amid thin trading during the U.S. Independence Day holiday.
Data on Monday showed U.S. manufacturing activity fell to its lowest level in more than three years, while production and new orders data also showed a pullback.
Investors were weighing weak manufacturing data that provided more evidence of a slowing economy.
A report last week also showed that inflation had eased, adding to optimism that the Fed‘s monetary tightening cycle may be coming to an end.
Looking ahead, the upcoming earnings season and other data, such as Friday’s nonfarm payrolls, will provide more information on the health of the U.S. economy.