Gold prices react to shifting economic indicators and market trends.

Gold prices have risen as the US service sector activity fell more than expected in May, according to the Institute for Supply Management (ISM). The ISM said its Services Purchasing Managers Index fell to 50.3% last month, down from April's reading of 51.9%. The gold market has seen a solid bounce off of support just above $1,950 an ounce, and the disappointing economic data is providing new momentum. Analysts have said that gold is seeing new momentum as the disappointing economic data could force the Federal Reserve to end its interest rate hikes.