U.S. Manufacturing Slumps as ISM Index Falls to 47.8, Spurring Recession Worry and Potential Safe-Haven Gold Demand

• ISM Manufacturing Index drops to 47.8 in February, showing contraction in U.S. manufacturing sector • New orders, production, and employment indexes also declined, pointing to broad weakness • Inflation pressures appear to be stabilizing as Prices Index was little changed • Disappointing data could spur safe-haven demand for gold amid recession fears
• Gold prices holding above $2,060, but lacking significant bullish momentum for now