Gold
held declines after a three-day drop as investors weighed the prospect
for higher U.S. borrowing costs against a dimming global economic
outlook before a Federal Reserve meeting this week.
Bullion
for immediate delivery fell as much as 0.2 percent to $1,162.25 an
ounce and was at $1,163.10 at 8:44 a.m. in Singapore, according to
Bloomberg generic pricing. The metal sank to $1,159.05 on Friday, the
lowest price since Oct. 13, as the dollar jumped.
Gold
investors are tracking the Fed to see when borrowing costs will start
to rise for the first time since 2006, with policy makers beginning a
two-day meeting in Washington on Tuesday. While U.S. central bankers are
weighing growth, inflation and labor-market data to decide whether to
tighten policy, China’s central bank cut rates last week and European
Central Bank President Mario Draghi signaled that he will bolster
stimulus. The dollar posted the biggest weekly gain since May last week.
Source: Bloomberg
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