Gold price holding above $1,800 following mixed flash PMI data

(Kitco News) - The gold market is holding on to gains above $1,800 an ounce following mixed data on the health of the U.S. manufacturing and service sectors.

Friday, IHS Markit said its flash U.S. manufacturing Purchasing Managers Index for October fell to 59.2, down from September's reading of 60.7. The data was weaker than expected as economists forecasted relatively stable activity in the manufacturing sector. The report noted that activity in the manufacturing sector is at a seven-month low.

Meanwhile, momentum in the service sector appears to be picking up. The report said that the Flash PMI for the service sector rose to 58.2, up from September's reading of 54.9. Economists were expecting to see a reading of around 55.