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.