Gold prices are holding on to modest gains Monday despite stronger-than-expected preliminary manufacturing and service-sector sentiment data.

Research firm IHS Markit, said in its latest report that its flash Purchasing Managers Index for July, rose to a reading of 53.2, up from June’s final reading of 52.0 Economists were expecting to see a modest rise, with consensus forecasts calling for a reading of 52.3.

According to the report, this is the strongest rise in the manufacturing sector since January.

At the same time the firm’s service sector PMI showed a reading of 54.2, unchanged from June’s reading of 54.2. Economists were expecting the index to rise to 54.3.

The firm noted that service-sector sentiment is unchanged after hitting a five-month high last month.

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