Gold price remains under pressure as ISM Service PMI falls to 55.3 kitconews gold silver investing economics finance mining metals
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Wednesday, the ISM said that its service-sector index showed a reading of 55.3% for June, down from May’s reading of 55.9%. However, the data beat expectations, as consensus forecasts called for an increase to 53.9%. Readings above 50% in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50%, the greater or smaller the rate of change.
The gold market is seeing some strong technical selling following Tuesday’s sharp drop and has fallen slightly lower in initial reaction to the latest economic report. August gold futures last traded at $1,755 an ounce, down 0.50% on the day.
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