Spot gold drops to $4,280/oz as flash S&P composite PMI improves to 58.4 in September (Kitco News) - The #gold# market is selling off after the latest U.S. data showed the services sector improving beyond expectations this month, while the manufacturing sector also strengthened. S&P Global reported on Wednesday that its flash Composite Purchasing Managers Index (PMI) rose to 58.4 in September, up from August’s reading of 56. The number was above expectations, as economists had forecasted a reading of 55.2. “US business activity growth accelerated for a fourth successive month in September to reach the fastest rate for over five years,” the report noted. “A further surge in service sector business activity was accompanied by a renewed improvement in manufacturing output growth.”