Gold price climbed on a weaker U.S. dollar. The U.S. dollar declined against other currencies after the release of the weaker-than-expected U.S. services PMI data. The Institute for Supply Management released its non-manufacturing purchasing managers' index (PMI) for the U.S. on Wednesday. The index fell to 53.5 in January from 55.8 in December, missing expectations for a decrease to 55.1.
Markit Economics released final services PMI for the U.S. on Wednesday. Final U.S. services PMI fell to 53.2 in January from 54.3 in December, down from the preliminary reading of 53.7. It was the lowest level since late-2013. The index was driven by a slower growth in output and new business. Employment continued to strengthen.
This data added to speculation that the Fed could delay its further interest rate hikes.
April futures for gold on the COMEX today decreased to 1139.60 dollars per ounce.