| Gold finished lower on Wednesday, closing at its worst level in about half a decade, as intensifying concerns about a rate increase weighed on the precious metal. December gold lost $3.60, or 0.3%, to $1,084.90 an ounce, after settling marginally higher on Tuesday at $1,088.50 an ounce. The yellow metal’s settlement Wednesday represents its lowest for a most-active contract since early 2010, according to FactSet data.
Expectations that next month the Federal Reserve will raise rates for the first time in nearly a decade have proved a drag on the price of commodities, particularly dollar-denominated assets like gold. Jim Wyckoff, senior market analyst at Kitco, said that the market has become “obsessed” with the prospect of the Fed raising rates in December...............................................Full Article: Source
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