Gold Prices Turned Lower After ISM Services Jumps to 11-Month High

Gold Prices Turned Lower After ISM Services Jumps to 11-Month High

Prices of Gold futures turned lower on Wednesday, reversing overnight gains after data showed the US services sector quickened in September at their fastest level in 11 months.

Gold for December delivery on the Comex eased up 35 cents, or 0.03%, to $1,270.05 a troy ounce. The contract fell to $1,268.60 earlier, a level not seen since June 24.

Globally, gold dropped by 3.26 per cent to settle at USD 1,268.40 an ounce in New York yesterday.

The Institute for Supply Management said its non-manufacturing purchasing manager index was increased to 57.1 last month from 51.4 in August. Analysts had expected the index to rise to 53.0.

That came following a separate report showed US non-farm private employment grew much less expected in September.

Payroll processing firm ADP said of the private non-farm employed increased by 154,000 last month, below forecasts for a 166,000 increase. The economy added 175,000 jobs in August, whose figure was revised down from a previously reported increase of 177,000.

At the Multi Commodity Exchange, gold for delivery in February next year rose by Rs 41, or 0.14 per cent, to Rs 30,208 per 10 gram in futures trade today as speculators widened their positions, supported by pick up in demand at the domestic spot markets even as metal weakened overseas.

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