Gold price reverses gains as the U.S. service sector
Gold price reverses
gains as the U.S.
service sector
The gold market fell, reversing some of its daily early-morning gains, after the service sector beat expectations in February
The Services Purchasing Managers Index (PMI) was at a reading of 55.1% last month, following January’s 55.2%.
All 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.
Looking at the specifics, the new orders index was at 62.6% after coming in at 60.4% in January.
The employment index was at 54% after January’s 50% reading.
In response to the data, gold dropped and erased some of its early-morning gains.
April Comex gold futures were last trading at $1,848.60, up 0.44% on the day.
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