SAN FRANCISCO (MarketWatch) — Gold futures settled with a loss of more than 2% on Monday, at their lowest close since early July, following data showing that U.S. manufacturing conditions in November rose to their best level in more than two years. The data raised the chances that the Federal Reserve will decide to ease back on its stimulus program. February gold (CNS:GCG4) dropped $28.50, or 2.3%, to settle at $1,221.90 an ounce on the Comex division of the New York Mercantile Exchange. That was the lowest settlement since July 5, according to FactSet data tracking the most-active contracts.