Gold price advances as the U.S. service sector contracts in December economy gold
The gold market advanced to new daily highs as the service sector fell short of expectations in December, contracting after 30 months of growth, according to the latest data from the Institute of Supply Management .
Readings above 50 are seen as a sign of economic growth. The farther an indicator is above or below 50, the greater or smaller the rate of change. Meanwhile, inflation pressures cooled in December, with the price index edging down to 67.6% from the previous month’s 70%. In response to the data, gold jumped to fresh daily highs, with February Comex gold futures last trading at $1,864.60, up 1.30% on the day.
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