Gold fell to extend five weeks of losses after John Williams, president of the Federal Reserve Bank of San Francisco, said that there was a strong case for a December rate rise should economic data hold up.

Bullion for immediate delivery retreated as much as 0.4 percent to $1,074.11 an ounce and traded at $1,075.27 at 8:45 a.m. in Singapore, according to Bloomberg generic pricing. Prices lost 0.5 percent last week after dropping on Nov. 18 to $1,064.55, the lowest since February 2010.

Bullion lost 9.2 percent this year as expectations for a higher U.S. rates damped the allure of the metal which doesn’t pay interest. Most economists in a Bloomberg survey and traders of federal funds futures expect lift-off next month from near-zero, where the bank’s key lending rate has been since 2008. Money managers are holding a net-short position in the metal for first time since August as long wagers shrunk to the smallest in seven years.

The likelihood of higher rates by year-end is 68 percent, up from 50 percent at the end of October, futures data show. The U.S. central bank’s policy-setting Federal Open Market Committee will convene in Washington on Dec. 15-16.

Spot silver and palladium fell, while platinum was little changed.

Source: Bloomberg