Gold futures on the COMEX division of the New York Mercantile Exchange ended up falling on Tuesday (Wednesday morning GMT ) , settled at the lowest level since October 16 as the dollar strengthened .
The most active gold contract for December delivery dropped 6.6 dollars , or 0.50 percent , to settle at 1308.1 dollars per ounce , Xinhua reported .
The U.S. dollar index moved higher again on Tuesday , rose again against the euro after the European Commission lowered its forecast for growth in the euro zone , which suppress the gold trade in the day, market analysts said .
Gold is decaying as U.S. data showed service industries grew faster than expected in October , raising speculation that the Federal Reserve will begin to reduce its stimulus measures by the end of this year .
Index of non - manufacturing Institute for Supply Management ( ISM ) also rose to 55.4 in October from 54.4 in September . A reading above 50 indicates expansion , while index below that number indicates contraction .
While silver for December delivery fell 6.4 cents , or 0.29 percent , to close at 21.636 dollars per ounce . ( Ant )
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