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Gold prices shoot higher after ISM Service Sector drops sharply in September
Thursday, the ISM said its nonmanufacturing index showed a reading of 52.6% for September, down from August’s reading of 56.4%. The data was much weaker than expected as consensus forecasts were calling for a reading of 55.1%.
According to reports this is the lowest reading in three years.
Ahead of the report gold was holding its own above $1,500 an ounce, recovering from 2% selloff at the start of the week. The latest economic data has added to gold’s gains. December gold futures last traded at $1,518.80 an ounce, up 0.72% on the day.
