Gold climbs four-week peak as US Treasury yields, dollar fall

Data showed U.S. manufacturing activity slowed less than expected in July, with the Institute for Supply Management’s (ISM) index of national factory activity dipping to 52.8 last month, its lowest reading since June 2020. U.S. construction spending also fell 1.1% in June, as outlays on single-family homebuilding declined sharply amid rising mortgage rates. These weak U.S. economic readings pointed to a slowdown that could prompt the Federal Reserve to be less aggressive in its monetary policy tightening plans.