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MTECHTIPS;-Gold's gains evaporate after ISM services jumps to 11-month high

Thursday, October 6, 2016 3:18

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MTECHTIPS;-Gold’s gains evaporate after ISM services jumps to 11-month high

MTECHTIPS-Gold prices turned lower during North America’s session on Wednesday, reversing overnight gains after data showed that the U.S. services sector accelerated in September to the fastest level in 11 months. Gold for December delivery on the Comex division of the New York Mercantile Exchange eased up 35 cents, or 0.03%, to $1,270.05 a troy ounce by 10:15 AM ET (14:15 GMT). The contract fell to $1,268.60 earlier, a level not seen since June 24. The Institute of Supply Management said its non-manufacturing purchasing manager’s index rose to 57.1 last month from 51.4 in August. Analysts had expected the index to increase to 53.0. That came after a separate report showed that U.S. non-farm private employment rose much less than expected in September. Payroll processing firm ADP said non-farm private employment rose by 154,000 last month, below forecasts for an increase of 166,000. The economy created 175,000 jobs in August, whose figure was downwardly revised from a previously reported increase of 177,000. On Tuesday, prices plunged $43.00, or 3.28%, its biggest one-day percentage drop since September 2013, as the U.S. dollar climbed to a two-month high amid indications the Fed is getting closer to raising interest rates.

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