Gold at 1223 after U.S. Manufacturing Data

Gold settled more than 2 percent lower on Monday after better-than-expected U.S. manufacturing data prompted funds and speculators to increase bearish bets on bullion, traders said.

The precious metal’s drop marked a sharp contrast to other asset classes, with U.S. equities largely flat and the dollar up 0.3 percent.

Bullion’s losses widened after data showed the U.S. manufacturing sector expanded last month at its fastest pace in 2.5 years, while hiring also accelerated.

CNBC

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