Gold prices trading near session highs as ISM Services PMI increases 54.1

Kitco08-05

(Kitco News) - The gold market is holding near session highs above $4,200 an ounce as the U.S. service sector loses, driving fears of a potential economic slowdown that could force the Federal Reserve...

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The headline figure was weaker than consensus forecasts, as economists had expected a reading of around 54.5.“Thirteen industries reported growth in July, one fewer than in June; four reported contraction, equaling the June total. The July Services PMI reading of 54.1 percent is 0.7 percentage point above the 12-month average of 53.4 percent,” the report said.The gold market has attracted some significant bullish momentum on Wednesday and the latest ISM data continues to add further support to the rally. Spot gold last traded at $4,225.80 an ounce, up 3.65% on the day. Gold prices are trading at t","collect":0,"end_time":0,"defaultTopTitle":"kitco.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"RSPM":"Invesco S&P 500 Equal Weight Materials ETF","FXR":"First Trust Industrials/Producer Durables AlphaDEX Fund","IYJ":"iShares U.S. Industrials ETF","VAW":"Vanguard Materials ETF"},"translate_title":"ISM 服务业 PMI 升至 54.1，金价接近盘中高点","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IYJ":1.5,"FXR":1.5,"RSPM":1.5,"VAW":1.5},"content_text":"(Kitco News) - The gold market is holding near session highs above $4,200 an ounce as the U.S. service sector loses, driving fears of a potential economic slowdown that could force the Federal Reserve to abandon its tightening bias.The Institute for Supply Management (ISM) announced on Wednesday that its Services Purchasing Managers Index (PMI) rose to only 54.1 in July, relatively unchanged from its June reading. The headline figure was weaker than consensus forecasts, as economists had expected a reading of around 54.5.“Thirteen industries reported growth in July, one fewer than in June; four reported contraction, equaling the June total. The July Services PMI reading of 54.1 percent is 0.7 percentage point above the 12-month average of 53.4 percent,” the report said.The gold market has attracted some significant bullish momentum on Wednesday and the latest ISM data continues to add further support to the rally. Spot gold last traded at $4,225.80 an ounce, up 3.65% on the day. 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