Kitco
06 Aug 2026, 13:49 UTC · 1h ago
Gold prices trading near session highs as ISM Services PMI increases 54.1
NewsImpactScreener rates every claim in this story for market impact and maps it to the tickers most exposed.
Kitco
06 Aug 2026, 13:49 UTC · 1h ago
NewsImpactScreener rates every claim in this story for market impact and maps it to the tickers most exposed.
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The ISM Services Employment Index dropped into contraction territory, falling to 47.4 from June's 51.2. — A contraction in employment within the dominant service sector strongly signals economic weakness, increasing the likelihood of Fed rate cuts which boosts gold.
+0.80The July ISM Services PMI rose to 54.1, coming in lower than the consensus forecast of 54.5. — Below-expectation growth in the service sector reinforces fears of an economic slowdown, supporting safe-haven assets.
+0.60The ISM Services Prices Index rose to 70.3 from June's 67.7, indicating continuing inflation pressures. — Rising price indices suggest persistent inflation, which may complicate the Fed's ability to pivot to a less restrictive policy.
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State Street's analyst provides a bullish outlook predicting gold's next move is higher.
BMO Capital Markets is mentioned as the source of a report on China's gold stockpiles without a specific sentiment toward the bank itself.
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