US business growth strengthens as bond-market tensions lift gold

U.S. private-sector business growth accelerated in August to its strongest level since April 2022, according to S&P Global’s flash purchasing managers’ index. The reading rose to 56 from 54.5 in July, driven by stronger services activity, while manufacturing growth eased to a five-month low.

Gold climbed to a three-month high as the U.S. dollar weakened and bond markets sold off. Government borrowing costs rose to their highest levels in decades amid concerns about U.S. debt and inflation, while Treasury officials signaled expanded buybacks of longer-dated bonds.

Read the full story at theguardian.com.