Gold at Five Month Low at 1221

Gold held steady on Wednesday after dropping to five-month lows in the previous session, with investors waiting for more U.S. economic data to gauge whether the Federal Reserve will begin cutting monetary stimulus from this month.

Spot gold was unchanged at $1,223.75 an ounce by 0024 GMT, after slipping to $1,215.60 on Tuesday – its lowest since early July.

Strong U.S. manufacturing data sent the metal down sharply earlier this week as markets believe a recovering economy would prompt the Fed to slow its $85 billion in monthly bond purchases.

CNBC

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