Gold held declines after a three-day drop as investors weighed the prospect for higher U.S. borrowing costs against a dimming global economic outlook before a Federal Reserve meeting this week.

Bullion for immediate delivery fell as much as 0.2 percent to $1,162.25 an ounce and was at $1,163.10 at 8:44 a.m. in Singapore, according to Bloomberg generic pricing. The metal sank to $1,159.05 on Friday, the lowest price since Oct. 13, as the dollar jumped.

Gold investors are tracking the Fed to see when borrowing costs will start to rise for the first time since 2006, with policy makers beginning a two-day meeting in Washington on Tuesday. While U.S. central bankers are weighing growth, inflation and labor-market data to decide whether to tighten policy, China’s central bank cut rates last week and European Central Bank President Mario Draghi signaled that he will bolster stimulus. The dollar posted the biggest weekly gain since May last week.

Source: Bloomberg