Gold price faces headwinds as ISM Service PMI hits new record high

New York (Dec 3)  The gold market is struggling to hold to modest gains following  stronger-than-expected momentum in the U.S. service sector, according to the latest data from the Institute for Supply Management (ISM).

Friday, the ISM said its service sector PMI to 69.1% in November, up sharply from  October’s reading of 66.7%. Consensus forecasts were calling for a 64.9% reading.

The report said that this a new record for the Service-sector index and the fifth time it has reached a new record this year.

The gold market, which struggling to find new bullish momentum, is managing to hold critical support levels following the latest economic data. February gold futures last traded at $1,770.70 an ounce, up 0.45% on the day.

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