Gold loses gains as encouraging US data climbs to 11-month high

Gold prices dived down today in course of North America's session. The decline in gold prices cancelled the overnight gains it had earlier enjoyed. Data from the U.S. services industries have shown that the American U.S. services sector had sprang up in its best growth rate for last month.

Gold for December delivery on the Comex division of the New York Mercantile Exchange thus today dropped down by 35 cents. This is a decline of 0.03%, dragging gold prices down to $1,270.05 for a troy ounce.

The Institute of Supply Management had announced that its non-manufacturing purchasing manager's index had climbed up to 57.1 for the month of September. The reading from the Institute of Supply Management for the month of August was 51.4. Analysts were even estimating that this data would only rise to to 53.0. This data was published following another report which showed U.S. non-farm private employment.

Payroll processing firm ADP had announced non-farm private employment had increased by 154,000 for September, dropping under forecasts of 166,000.