Gold price decline on speculation that the Fed will start raising its interest rate this year. The Fed released its interest rate decision last Wednesday. The Fed kept its interest rate unchanged at 0.00%-0.25%. This decision was widely expected by analysts.
The Fed pointed out that an interest rate hike in December is still on the table.
Market participants eyed the U.S. economic data. The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Monday. The index declined to 50.1 in October from 50.2 in September, beating expectations for a fall to 50.0. It was the lowest level since May of 2013.
Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Monday. The U.S. final manufacturing purchasing managers' index (PMI) increased to 54.1 in October from 53.1 in September, up from the previous estimate of 54.0.
December futures for gold on the COMEX today declined to 1134.80 dollars per ounce