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imageNEW YORK: Gold prices tumbled 2 percent on Monday to their lowest since early July, as better-than-expected US manufacturing data prompted funds and speculators to increase bearish bets on bullion, traders said.

The precious metal's drop marked a sharp contrast to other asset classes, with US equities largely flat and the dollar index up 0.2 percent.

Bullion's losses widened after data showed the US manufacturing sector expanded last month at its fastest pace in 2-1/2 years, while hiring also accelerated.

"The ISM news should not trigger a selloff in gold like this. A lot of momentum-driven and institutional investors are piling on gold's decline by short selling it," said Jeffrey Sica, chief investment officer at Sica Wealth Management with over $1 billion in client assets.

Spot gold fell 2 percent to $1,227.25 by 11:36 a.m. EST (1636 GMT). The metal ended November down 5.4 percent, its biggest monthly decline since June and its third consecutive month of losses.

US Comex gold futures for February delivery fell $23.60 to $1,226.80 an ounce, with trading volume on track to finish below its 30-day average, preliminary Reuters data showed.

Gold priced in euro terms also fell to its lowest since August 2010 at 904.89 euros, reflecting a resurgent US dollar based on an overall improvement in the US economic outlook.

Data this week including nonfarm payrolls, third-quarter GDP and manufacturing PMI may provide more insight into the strength of the world's biggest economy, traders said.

Among other metals, silver fell 2.6 percent to $19.43 an ounce. The metal posted an 8.6 percent monthly fall in November, the biggest monthly decline since June.

Platinum was down 0.7 percent to $1,347.25 an ounce, and palladium fell 1 percent to $711.47 an ounce.

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