Gold Dips to $4,141 as U.S. Services PMI Slips to 54.9 in September
Updated
Updated · Kitco NEWS · Oct 5
Gold Dips to $4,141 as U.S. Services PMI Slips to 54.9 in September
2 articles · Updated · Kitco NEWS · Oct 5
Summary
$4,141.73 an ounce marked spot gold's level after it retreated from earlier highs during the North American session, even as it stayed marginally positive on the day.
ISM's September services PMI fell to 54.9 from 55.4, missing the 55.0 forecast and signaling a bigger-than-expected slowdown in the U.S. service sector, though activity remained in expansion above 50.
Underlying details were mixed: business activity dropped to 56.5 and new orders to 59.8, while employment returned to expansion at 50.1 for the first time in three months.
Price pressures stayed intense, with the services prices index rising to 74.0—the highest since July 2022—as tariffs, fuel costs and supply-chain constraints lifted lead times and expenses.
Thirteen industries still reported growth, and ISM said rising backlogs—at 58.3, the highest since July 2022—suggest demand remains firm even as the pace of expansion cools.