WASHINGTON (dpa-AFX) - Gold futures tumbled Tuesday along with U.S. stocks ahead of tomorrow's interest rate decision. The Fed will likely signal that further rate hikes are imminent.
June gold fell $12.40, or 0.9%, to settle at $1,306.80/oz, the lowest settlement in two months.
Growth in U.S. manufacturing activity slowed by more than anticipated in the month of April, according to a report released by the Institute for Supply Management.
The ISM said its purchasing managers index dropped to 57.3 in April from 59.3 in March, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to dip to 58.3.
Traders alse considered data showing an unexpected decrease in U.S. construction spending in the month of March.
The Commerce Department said construction spending slump by 1.7 percent to an annual rate of $1.285 trillion in March after jumping by 1.0 percent to a revised rate of $1.306 trillion in February.
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