Asian gold prices keep falling
Gold prices declined at the start of Asian market trading as investors awaited the Federal Reserve meeting scheduled for next week, seeking clues about the future path of interest rate hikes. The spot gold price fell by 0.6% to $4,115.50 per ounce, after reaching its lowest level since October 15 at $4,104.33. U.S. December futures contracts also decreased by 0.4% to $4,132.30. Economists expect the Federal Open Market Committee to remain silent on interest rate hikes this month, with a likelihood of an increase in December, as higher interest rates negatively affect gold prices by increasing the opportunity cost of holding unprofitable bullion.
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