05/08/2020 11:39 AST

Gold was little changed on Tuesday, hovering below the previous session's record peak as fears over the pace of economic recovery amid surging coronavirus cases were offset by upbeat U.S. manufacturing data.

Spot gold was down 0.1% at $1,975.57 per ounce by 0951 GMT, about $9 shy of the all-time high hit in the previous session. US gold futures rose 0.4% to $1,994.20.

Gold is in "wait-and-see mode" for new impulses after the PMI data, which signalled that the economy has found a bottom in the manufacturing sector and an improvement could be seen, said Quantitative Commodity Research analyst Peter Fertig.

World shares hit five-month highs, helped by strong US manufacturing data which showed activity accelerated to its highest level in nearly 1-1/2 years in July.

Manufacturing activity across the euro zone expanded for the first time since early 2019 last month, as demand rebounded after more easing of the coronavirus-induced curbs.

The Gulf Today

Ticker Price Volume
(In US Dollar) Change Change(%)
Gold 1,310.4 3.4 0.26
Silver 15.67 -0.01 -0.03
Platinum 790 5 0.64
Palladium 1,386 18 1.32
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