26.10.201623:24:00UTC+00Gold Falls As Demand Weakens

Gold prices declined from its three-week high as concerns about an interest-rate hike limited the demand on the precious metal. Gold for December delivery was down 0.6 percent at $1.266.60 per troy ounce on the Comex division of the New York Mercantile Exchange.

Investors expect the U.S. Federal Reserve to increase rates by year-end. Fed-fund futures have shown that traders assigned the chances of a December rate increase at 78.3 percent, according to CME Group. The precious metal was also dented by the strengthening U.S. dollar.

Gold has been supported by signs of increasing demand from China, according to Commerzbank AG, based on government figures that indicated higher gold imports into the nation until 2020.

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