Gold
futures posted the longest slump in five weeks on concern that the
Federal Reserve is moving closer to raising U.S. interest rates,
crimping demand for the precious metal as an alternative investment.
In
the third quarter, gold fell 8.4 percent as the U.S. economy gained.
The Fed begins a two-day meeting tomorrow and policy makers will debate
the pace of raising borrowing costs after holding its benchmark rate
close to zero percent since 2008.
Last
month, gold dropped to a four-year low as equities surged to a record
and oil prices entered a bear market. Jeffrey Currie, head of commodity
research at Goldman Sachs Group Inc, said last week that the metal will
drop as the U.S. economy improves. Economists and Fed officials surveyed
by Bloomberg expect higher rates in 2015.
Gold
futures for February delivery fell 1.2 percent to close at $1,207.70 an
ounce at 1:46 p.m. on the Comex in New York. The price capped a fourth
straight decline, the longest slump since Nov. 6.
Source : Bloomberg
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