Gold Prices Down As US Financials Continue To Rebound

Gold fell again today after the Institute for Supply Management’s non-manufacturing index hit 58.6 when the consensus expected it to drop 55. Anything above 50 is a sign of expansion, so this development makes it more likely that we will see tapering in the near future, reports Debarati Roy for Bloomberg.

Gold price in flux

“Stronger U.S. data is getting the market jittery again,” Tom Power, a senior commodity broker at R.J. O’Brien & Associates, told Roy in an interview. “The strength in the dollar is working against gold.”