by Christopher Freeburn | November 5, 2013 4:35 pm
A better-than-expected report on the U.S. service sector sent gold modestly lower in Tuesday trading.
The Institute of Supply Management’s monthly survey of purchasing managers in the service industry climbed to a reading of 55.4 in October, up from 54.4 in September. The gain surprised many economists, who had predicted the index to decline slightly last month. The ISM report bolstered the U.S. dollar against other currencies during the day.
Gold futures for December delivery fell 0.5% to $1,308.10 per ounce on Tuesday, according to CME Group. Gold traded as high as $1,320.60 and as low as $1,305.20. Bullion closed in London at $1,312, according to BullionVault.
Silver futures for December dipped 0.3% to $21.64 per ounce. Tuesday’s high for silver was $21.79, while the low was $21.56.
Metal funds were mixed in Tuesday trading.
Mining ETFs declined during the day.
Gold stocks mostly sank on Tuesday.
Silver mining shares were mixed during the day.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
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