Gold Advances to $4,463/oz as ISM Services PMI Climbs to 55.4 in August

Latest ISM data revealed stronger-than-expected growth in the U.S. services sector. The PMI rose to 55.4 in August from 54.1 in July, beating forecasts of 54.3.

This upbeat reading lifted gold prices to $4,463.57 per ounce, up 1.72% on the day after touching a high of $4,496.01.

ISM Chair Steve Miller noted expansions in business activity and new orders alongside a second month of employment contraction. The prices index hit 72.6, with tariffs and Middle East conflict cited as top supply-chain concerns. Twelve industries expanded while five contracted.