Gold prices reversed gains Monday, as strong U.S. economic data bolstered the case for the Federal Reserve to raise interest rates in coming months.
Gold for December delivery was recently down 0.3% at $1,263.90 a troy ounce on the Comex division of the New York Mercantile Exchange. Prices were as high as $1,272.80 a troy ounce earlier in the session.
U.S. manufacturers started the last quarter of the year on a positive note in October, as output and new order growth hit one-year peaks, data from Markit showed Monday. The solid numbers helped to strengthen the view that the Fed has a clear path to raise interest rates before the end of the year.
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