Gold held a weekly
loss as investors awaited a decision on a U.S. interest rate increase
when the Federal Reserve meets Dec. 15-16.
Bullion for immediate
delivery fell as much as 0.3 percent to $1,071.25 an ounce and traded at
$1,074 at 8:55 a.m. in Singapore, according to Bloomberg generic
pricing. The metal dropped 1.1 percent last week.
U.S. and European
stocks slumped at the end of last week as a rout in oil prices and
ructions in the junk-bond market boosted investor anxiety ahead of the
Fed’s final meeting of 2015. Traders are pricing in 74 percent odds that
borrowing costs will be raised for the first time since 2006 at the
Federal Open Market Committee meeting, potentially hurting gold as the
dollar strengthens.
Source : Bloomberg
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