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10:59, 13-Dec-2017
Gold falls in anticipation of interest rate hike
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Gold futures on the COMEX division of the New York Mercantile Exchange fell to a new five-month low on Tuesday amid anticipation of another interest rate hike.
The US central bank's Federal Open Market Committee has kicked off a two-day policy meeting. It is widely expected to announce the third and final interest rate hike of 2017 on Wednesday.
The market is also looking forward to the Federal Reserve's guidance for 2018.
The dollar index stood at 94.071, having risen to 94.219 on Tuesday, its highest level since Nov. 14.
The Dow Jones Industrial Average rose 0.5 percent to 24,504.80, its third straight record close and the S&P 500 gained 0.2 percent to 2,664.11, also a third consecutive high.
The dollar and equities typically move in opposite directions with gold, which means if the greenback and stocks go up, the safe-haven metal will fall.
As for other precious metals, silver for March delivery edged down 11.7 cents, or 0.74 percent, to settle at 15.668 dollars per ounce. Platinum for January fell 17.10 dollars, or 1.92 percent, to close at 875.70 dollars per ounce.
Source(s): Xinhua News Agency