Gold prices jump into positive territory as flash manufacturing and service-sector PMI data falls into contraction territory

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Meanwhile, activity in the service sector dropped deeper into contraction territory falling to a three-month low at 46.1, down from October’s reading of 47.8. Despite the disappointing headline number, the report noted some improvements in the supply chain with firms signaling the first improve in supplier performance since October 2019. The report also noted that the slowing activity is also helping to push inflation pressures down, which has been the Federal Reserve’s goal as it has raised interest rates at the fastest pace in 40 years.

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