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Gold decline on stronger dollar
Gold fell after the dollar strengthened slightly against the background data for the services sector. The data of the Institute for Supply Management (ISM) non-manufacturing activity were another U.S. report showing that the U.S. economy is recovering steadily.
Reported Purchasing Managers Index (PMI) for the non-production sphere of the United States in July rose to 56.0 from 52.2 in June. The July value was the highest since February. According to the forecast of the market, was expected to increase to 53.3.
All major sub-indices in June were in the expansion (more than 50). Restrain the growth of the sub-index of employment in the non-manufacturing sector, which was down compared with June. All other sub-indexes rose.
Investors are closely watching U.S. economic data in an attempt to determine the future course of monetary policy. Fed officials have stated that they will take into account the labor market and other economic indicators, when they decide on the timing and speed of folding.
The cost of the October gold futures on COMEX today dropped to $ 1301.70 per ounce.
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