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Gold prices jump into positive territory as ISM Services PMI falls to 50.3 in May
The gold market has retraced its overnight losses and jumped into positive territory on the day as the precious metal sees renewed safe-haven demand as activity in the U.S. service sector falls more than expected in May, according to the latest data from the Institute for Supply Management (ISM). Monday, the ISM said its Services Purchasing Managers Index fell to 50.3% last month, down from April's reading of 51.9%. According to consensus estimates, economists were looking for an increase of 52.6%. Readings above 50% in such diffusion indexes signify economic growth and vice-versa. The farther an indicator is above ... (full story)