Gold prices were seen trading mixed on Wednesday as traders continue to speculate on whether the US Federal Reserve will raise interest rates after assets in the world’s largest exchange-traded fund posted its longest fall this year.
Gold for immediate delivery slid by almost 0.3% and stood at $1,167.74 an ounce at 3:39pm, according to Bloomberg generic pricing. The yellow metal dropped to a four-year low on Nov 7, before climbing to $1,178.82 after the US Labour Department released the US jobs report.
Gold for December delivery added 0.32% to $1, 66.40 an ounce on the Comex in New York, after climbing to$1,179 on November 7.
Silver futures for immediate delivery jumped 0.22% to $15.715 an ounce, while spot platinum rose 0.4% to $1,207.88 an ounce and palladium was flat at $775.84 an ounce.
Assets in SPDR Gold Trust fell to a six-year low of 724.46 tons on Tuesday, the longest losing-streak since November 2013.
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The US Dollar index, which measures the strength of the greenback against a basket of six major currencies, weakened 0.05% to 87.4890.
Gold is expected to hit its first back-to-back annual retreat since 2000 as the yellow metal is expected to drop to $1,000 an ounce by the end of this year, according to analysts. Meanwhile the end to the US Federal Reserve’s bond purchase program, rising dollar and falling crude prices lessened demand for the commodity.
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