Gold Gains as Stocks Slide

Updated from 11:33 EST

Further evidence of moderating economic activity weighed on the broader stock indices Wednesday, but sent gold soaring to almost $620 an ounce.

The Institute for Supply Management's index for October unexpectedly fell from 52.9 to 51.2 in September, well short of consensus forecasts of 53. The index is derived from a survey of purchasing managers and includes data on new orders and inventories, among other items.

Separately, the Commerce Department published data showing that construction spending fell 0.3% in September, compared with expectations of zero growth. The prior period was revised downwards from 0.3% to no growth. ...