Gold dropped for a
second day to trade near the lowest level in a month as investors
awaited this week’s Federal Reserve meeting.
Bullion for immediate
delivery retreated as much as 0.3 percent to $1,104.82 an ounce and
traded at $1,106.10 by 8:31 a.m. in Singapore, according to Bloomberg
generic pricing. The metal fell to $1,098.80 on Friday, the lowest
intraday level since Aug. 11.
While about half of
the economists in a Bloomberg survey expect a rate increase given the
improvement in the U.S. labor market, futures traders are holding odds
at 28 percent, with chances for a year-end rise at 59 percent.
Silver fell for a second day while platinum was down for a fourth day.
Source : Bloomberg
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