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Gold Slips To 8-week Low

Gold futures fell Monday amid a flurry of U.S. economic news.

Dec. gold lost $9, or 0.7%, to settle at $1,275.80/oz -- the lowest in 8 weeks.

Activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of September, according to a report released by the Institute for Supply Management on Monday.

The ISM said its purchasing managers index climbed to 60.8 in September from 58.8 in August, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to dip to 50.8.

The Commerce Department said construction spending climbed 0.5 percent to $1.218 trillion in August after plunging by 1.2 percent to $1.212 trillion in July. Economists had expected spending to rise by 0.2 percent.

Eurozone unemployment rate held steady at the lowest level seen since early 2009 in August, data from Eurostat showed Monday.

Separately, a private survey showed that stronger manufacturing output growth and capacity constraints in the currency bloc drove job creation to a survey record-high in September.

by RTTNews Staff Writer

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