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Update: Gold Sells Off Following Another Upbeat U.S. Economic Report
Thursday September 5, 2013 10:15 AM
(Kitco News) - Comex gold futures have dropped to their daily lows in late-morning trading Thursday, in the wake of another stronger-than-expected piece of U.S. economic data. The ISM non-manufacturing reading for August came in at 58.6 versus 56.0 in July. Traders decided to focus on the ISM reading instead of a report showing a decline in U.S. factory orders that was released at the same time. However, the factory orders reading was a bit stronger than forecasters expected, at down 2.4% in July versus expectations of down 3.4%.
The U.S. dollar index has rallied in the wake of Thursday morning's generally upbeat U.S. economic data, which has also helped to put downside price pressure on gold. December gold last traded down $10.00 an ounce at $1,380.00.
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By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com