Gold declined on Tuesday and is trading flat this morning trading at 1673.85. Yesterday gold retreated from an initial rally, as solid gains in US equities and an improving economic outlook weighed on the metal’s safe-haven appeal.
The Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) declined by 0.9 points to 55.2-mark in January as against a rise of 56.1-level in December. Investor’s Business Daily’s (IBD) Economic Optimism index increased by 0.8 points to 47.3-level in February from 46.5-mark in last month. Markets were also buoyed by a private survey which showed that growth in China’s services sector hit a four-month high in January. Continue Reading....
FX Empire Analyst - Barry Norma
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