Gold settles below 2-year high after ISM, ADP reports

Gold and other metals futures retreated Wednesday following a stronger-than-expected round of economic data and a stronger dollar.

Gold’s losses accelerated on the day after the Institute for Supply Management said its nonmanufacturing index declined but showed continued growth, falling to 55.5% in July from 56.5% in June.

December gold GCZ6, -0.64% settled down $7.90, or 0.6%, at $1,364.70 an ounce. Gold losses gathered steam earlier in the session, following a report from Automatic Data Processing Inc. which indicated that the U.S. added 179,000 private-sector jobs in July, possibly providing the Federal Reserve evidence that the domestic economy is on a relatively healthy footing.

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