Gold held a weekly loss as investors awaited a decision on a U.S. interest rate increase when the Federal Reserve meets Dec. 15-16.
Bullion for immediate delivery fell as much as 0.3 percent to $1,071.25 an ounce and traded at $1,074 at 8:55 a.m. in Singapore, according to Bloomberg generic pricing. The metal dropped 1.1 percent last week.
U.S. and European stocks slumped at the end of last week as a rout in oil prices and ructions in the junk-bond market boosted investor anxiety ahead of the Fed’s final meeting of 2015. Traders are pricing in 74 percent odds that borrowing costs will be raised for the first time since 2006 at the Federal Open Market Committee meeting, potentially hurting gold as the dollar strengthens.
Source : Bloomberg