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Gold Lowest in 2 Weeks

Gold Lowest  in 2 WeeksGold Lowest  in 2 Weeks

Gold held near its lowest level in more than two weeks after the US unemployment rate dropped to a seven-year low, adding to the case for the Federal Reserve to raise interest rates this month, Mineweb reported. Bullion for immediate delivery dropped as much as 0.4% to $1,117.89 an ounce before trading at $1,123.26 in Singapore, according to Bloomberg generic pricing. Prices fell to $1,116.93 in intraday trading on Friday, the lowest since Aug. 19, and posted a second weekly decline. Gold last month posted the biggest monthly gain since January as concerns about China’s outlook helped trigger the largest sell-off in global stocks in more than three years. Gold futures for December delivery added 0.1% to $1,122.30 an ounce on the Comex in New York. Bullion of 99.99% purity lost 1.6% to 230.60 yuan a gram ($1,126.71 an ounce) on the Shanghai Gold Exchange, the lowest since Aug. 19, before trading at 231.14 yuan.

Financialtribune.com