Gold Drops to 1-Month Low

Gold Drops to 1-Month Low

Gold fell to a one-month low and trading volume declined as investors held off on making big moves before Federal Reserve policymakers meet this week.

Gold is headed for a third straight annual loss as steady growth for U.S. jobs and the economy strengthened the dollar and bolstered the case for the Fed to raise interest rates for the first time since 2006.

Futures trading was about 22 percent below the 100-day average on Friday, data compiled by Bloomberg show.

Gold futures for December delivery lost 0.5 percent to settle at $1,103.30 an ounce at 1:40 p.m. Friday on the Comex in New York, after touching $1,097.70, the lowest level since Aug. 11.

Prices had a third straight week of declines, the longest streak since late July.

Author: Bloomberg News

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