Gold Futures Fall on Manufacturing Data (MarketWatch)
Gold futures closed 2 percent lower on Monday at $1,221.90. Thatâ€™s the barbarous relicâ€™s lowest level since July 5, 2013. The drop was precipitated by the United Statesâ€™ manufacturing sector posting a stronger-than-expected score on the Institute for Supply Managementâ€™s Index: 57.3, its highest mark since April 2011. Like the PMI survey, a score of 50 on this index indicates growth. In addition to prompting goldâ€™s fall, the November manufacturing figure also could trigger an earlier easing to the Federal Reserveâ€™s stimulus program. If the United States can maintain, or even improve that pace, the Fedâ€™s stimulus plan will go the way of the dodo and gold bugs could have a long ride back to the top.
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