Gold edges lower as U.S. dollar strengthens

Gold futures moved lower on Wednesday, holding ground at their lowest level in nearly 8 weeks, as a strong reading on growth in the U.S. service sector and comments from the chairwoman of the Federal Reserve helped to strengthen the U.S. dollar.

December gold GCZ5, +0.23%  shed $1.80, or 0.2%, to trade at $1,112.30 an ounce on Comex. The metal had found earlier support after data showed U.S. private-sector employment gains continued in October, though at a slightly slower pace than in the prior month. Prices are trading at their lowest levels since Sept. 15.

But separate data showed that the nation’s trade deficit continued to contract in September and the Institute for Supply Management’s services index rose to a reading of 59.1% in October, its highest level in three months.

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