The February reading for the Institute of Supply Management's non-manufacturing index increased from January's 54.9% to 59.7%, confounding expectations for no gain at all. The emplyment index number also rose, adding to the recenty-released ADP report showing gains in service-sector employment.
Although the report was unexpectedly good, gold rose on it. From $1,420 just before its release at 10 AM ET, the metal blipped up to $1,422 and, after a pause, continued rising. Perhaps the gold market is buying in to the inflation-with-recovery story.
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