Gold settles higher as downbeat U.S. ISM services data back haven demand for the metal
Friday, 4 October 2019 01:21 WIB |
PRECIOUS METALS |GOLDEMASSILVER
Gold prices settled higher Thursday, tallying a third consecutive session gain, as a drop in the September U.S. ISM services sector index fed worries about the health of the economy, boosting haven demand for the precious metal.
Prices, however, pulled back from the session's best level, as U.S. benchmark stock indexes erased losses that were fed by the downbeat economic data.
Service-oriented companies that employ the vast majority of Americans saw their weakest growth in September in three years. The ISM services survey dropped to 52.6% in September from 56.4%. That fueled safe-haven demand for gold.
December gold on Comex rose $5.90, or 0.4%, to settle at $1,513.80 an ounce, after rising 1.3% on Wednesday. December silver gave up earlier gains, to finish down by less than a penny, or 0.04%, to $17.676 an ounce, after a 2.2% rally in the prior session.
Source : MarketWatch