Gold Prices Struggle as ISM Services PMI Falls to 54

Gold prices continue facing pressure, unable to break through $4,200 resistance amid resilient U.S. services sector activity. The ISM Services PMI slipped to 54.0 in June from 54.5 in May, closely matching expectations of 54.2.

Chair Steve Miller stated: “Fourteen industries reported growth in June, three less than in May, and the number reporting contraction were four, an increase of three from May.” Spot gold last traded at $4,141 an ounce, down 0.74%, as traders eye potential Fed rate hikes before year-end despite softer nonfarm payrolls adding just 57,000 jobs.

Business activity fell to 55.4 while employment rose to 51.2 and prices eased to 67.7, underscoring persistent tariff and petroleum-related inflation concerns.