Gold prices drop below $2,000 an ounce as U.S. Flash PMI data rises more than Expected in April
the S&P Global Flash U.S. manufacturing PMI data rose to 50.4, up from March’s reading of 49.2. According to consensus estimates, economists were looking for a relatively unchanged reading.Meanwhile, activity in the service sector was also stronger than expected, rising into expansion territory to 53.7., up from last month’s reading at 52.6. Economists were looking for a print around 51.5. Activity in the service sector is at its highest level in 12 months, the report said.
Readings above 50 in such diffusion indexes are seen as a sign of economic growth and vice-versa. The farther an indicator is above or below 50, the greater or smaller the rate of change. The gold market was seeing some solid technical selling pressure ahead of the latest economic data, which has now picked up in initial reaction. June gold futures last traded at $1,989.70 an ounce, down nearly 1.5% on the day.
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