Gold declined to a
four-week low and investors cut their holdings in bullion-backed funds
to the smallest in two weeks as traders gave even odds that the Federal
Reserve will raise interest rates in December.
Gold futures for
December delivery dropped 0.5 percent to settle at $1,135.90 an ounce at
1:55 p.m. on the Comex in New York, after touching $1.132.50, the
lowest since Oct. 5. The metal capped its fourth decline in five
sessions.
Holdings in
exchange-traded products backed by gold declined 2.6 metric tons to
1,539.7 tons as of Friday, the lowest since Oct. 16, data compiled by
Bloomberg show.
Silver futures for
December delivery declined 1 percent to $15.408 an ounce on the Comex.
On the New York Mercantile Exchange, platinum futures for January
delivery lost 1.1 percent to $978.40 an ounce, and palladium futures for
December delivery fell 4 percent to $650.35 an ounce, the biggest drop
in two months.
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