GOLD (July 7) Selloff as ISM Services PMI strengthens to 53.9%
The gold market experienced a strong sell-off after better-than-expected job data on Thursday and continued pressure after the release of the Services PMI. Gold briefly rebounded to $1,949, but then continued to decline to $1,904 following strong US service sector data.
The ISM reported that their Purchasing Managers' Index for the service sector increased to 53.9% last month, up from 50.3% in May and surpassing economists' consensus estimate of 51.3%. A reading above 50% in such popular indexes indicates economic growth, while a reading below 50% indicates contraction.
The ISM reported that their Purchasing Managers' Index for the service sector increased to 53.9% last month, up from 50.3% in May and surpassing economists' consensus estimate of 51.3%. A reading above 50% in such popular indexes indicates economic growth, while a reading below 50% indicates contraction.
