Gold prices holding on to gains following softer-than-expected ISM service-sector data

(Kitco News) - The gold market is holding on to modest gains as the U.S. service sector sees softer-than-expected momentum, according to the latest data from the Institute for Supply Management (ISM).

Wednesday, the ISM said its nonmanufacturing index showed a reading of 62.7% for April, down from March’s reading of 63.7%. The data missed expectations as consensus forecasts were calling for a reading of around 64.2%.

The drop comes after the index hit a record high in March.