Gold price at $4,463/oz after ISM Services PMI rises to 55.4 in August

(Kitco News) – The U.S. service sector improved above expectations last month, according to the latest data from the Institute for Supply Management (ISM).The ISM announced on Thursday morning that its Services Purchasing Managers Index came in at 55.4 in August, up from 54.1 in July. The data was better than expected, as economists were looking for a reading of 54.3. Readings above 50 in such diffusion indexes signify economic growth and vice versa. The farther an indicator is above or below 50, the greater or smaller the rate of change.