Gold dropped for a second day to trade near the lowest level in a month as investors awaited this week’s Federal Reserve meeting.

Bullion for immediate delivery retreated as much as 0.3 percent to $1,104.82 an ounce and traded at $1,106.10 by 8:31 a.m. in Singapore, according to Bloomberg generic pricing. The metal fell to $1,098.80 on Friday, the lowest intraday level since Aug. 11.

While about half of the economists in a Bloomberg survey expect a rate increase given the improvement in the U.S. labor market, futures traders are holding odds at 28 percent, with chances for a year-end rise at 59 percent.

Silver fell for a second day while platinum was down for a fourth day.

Source : Bloomberg