Gold Price Unchanged As Sentiment Remains Strong In Service Sector
By: Neils Christensen
(Kitco News) - Gold prices were largely unchanged following strong-than-expected momentum in the U.S. service sector, according to the latest data from the Institute of Supply Management (ISM).
Monday, the ISM said its Non-manufacturing Purchasing Managers Index showed a reading of 59.5% in February, down only slightly from January’s reading of 59.9%. The drop was above expectations as consensus forecasts were calling for a reading of 58.9%.
"The majority of respondents’ continue to be positive about business conditions and the economy," the repor said.
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.
Gold prices were under modest selling pressure ahead of the report as investors took some profits off the table following a $20 rally late last week. April gold futures last traded at $1,321.80 an ounce, down 0.12% on the day.