Gold slides as upbeat U.S. data lifts dollar, oil surges

Gold fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong U.S. economic data and higher U.S. Treasury yields buoyed the dollar, further cementing the case for a December rate increase.

                         The U.S. dollar rallied 0.9% against a basket of six major currencies, after oil prices rose sharply and upbeat U.S. economic data and comments by President-elect Donald Trump's choice for U.S. Treasury secretary triggered a selloff in the bond market.

Spot gold was down 1.2 % at $1,174.44 an ounce by 2:40 p.m. EST (1940 GMT), after falling to $1,170.35, the lowest since Feb. 8.

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  U.S. gold futures settled down 1.4% at $1,170.80 per ounce.U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for an interest rate increase.

Gold has shed more than 8 % in November, the biggest monthly fall since June 2013.

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