Gold retreated to the lowest level in four weeks on renewed concern that the Federal Reserve will increase U.S. interest rates in December, denting demand for the metal as a store of value.

Bullion for immediate delivery fell as much as 0.7 percent to $1,134.39 an ounce, the lowest level since Oct. 5, and traded at $1,139.45 at 9:06 a.m. in Singapore, according to Bloomberg generic pricing. Prices dropped 1.9 percent last week, the most since Aug. 28.

The precious metal fell for the past five quarters amid speculation the Fed will raise rates for the first time since 2006, diminishing the metal’s appeal because it doesn’t pay interest. U.S. policy makers signaled they’re still considering tighter monetary policy this year, surprising many gold investors who had been buying on speculation that a spate of uneven U.S. economic data would keep rates low for longer.

Traders see a 50 percent chance the U.S. central bank will raise its benchmark rate from near zero in December, according to futures data compiled by Bloomberg as of Friday. That’s up from 34 percent at the start of last week, before the Federal Open Market Committee’s statement on Wednesday.

Among U.S. data this week are figures on monthly non-farm payrolls, due on Friday. Before that, Fed Chair Janet Yellen is scheduled to testify Wednesday before the House Financial Services Committee.

Silver, platinum and palladium dropped on Monday.

Source: Bloomberg