(Kitco News) - Gold prices are near session lows after activity in the U.S. service sector showed unexpected improvement, according to the latest data from the Institute for Supply Management (ISM).
On Wednesday, the ISM said its Services Purchasing Managers Index rose to a reading of 54.5% last month, up from July's reading of 52.7%. The data beat consensus estimates as economists were expecting a small drop to 52.5%.
“Thirteen industries reported growth in August," said Anthony Nieves, chair of the ISM Services Business Survey Committee, in the report. “The Services PMI, by being above 50 percent for the eighth month after a single month of contraction and a prior 30-month period of expansion, continues to indicate sustained growth for the sector. The composite index has indicated expansion for all but three of the previous 162 months.
Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change. “There has been an increase in the rate of growth for the services sector, reflected by increases in all four subindexes that directly factor into the composite Services PMI and faster supplier deliveries,” Nieves said. “Sentiment among Business Survey Committee respondents varies by industry; however, the majority of panelists are positive about business and economic conditions.”
Gold fell after the better-than-expected economic data, after seeing a very sharp run-up from $1,921.34 to $1,929.20 in the minutes before the release. Spot gold last traded at $1,921.64 an ounce, down 0.23% on the day.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
A Hot ISM Services Number Will Set the Dollar Up for More GainsThe dollar is on pace to climb for an eighth straight week, the longest streak since 2005. Traders are looking to services sector data for the gains to continue, with the greenback tending to climb when the report shows expansion and outperforms a slowing goods sector.
Lire la suite »
Russian services activity grows in Aug at fastest rate in five months -PMIMOSCOW (Reuters) - Activity in Russia's services sector grew at the fastest rate in five months in August as the sharpest rise in new orders since July ...
Lire la suite »
French services sector shrinks more than first thought in Aug -PMIPARIS (Reuters) - France's dominant services sector contracted more than first estimated in August as another fall in new orders weighed on business in ...
Lire la suite »
Gold SWOT: Gold held around the highest in three weeks to kick off SeptemberCommentaries from industry expert Frank Holmes focusing on gold price movements, what's moving markets and what to expect in the metals sector. This includes his weekly Gold SWOT analysis, which is also featured in his own Kitco News show Gold Game Film
Lire la suite »
China’s services activity slowed in August amid sluggish demand, survey showsThe data on Tuesday broadly aligned with the official services PMI released last week, which showed China’s services sector continued to trend downwards
Lire la suite »
UAE's non-oil business growth slows in August but confidence high-PMIDUBAI (Reuters) - Growth in non-oil business activity in the United Arab Emirates eased in August to the slowest pace in six months, but business ...
Lire la suite »