Gold price continued to 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 pointed out that an interest rate hike in December is still on the table.
Market participants eyed the U.S. economic data. The U.S. Commerce Department released factory orders data on Tuesday. Factory orders in the U.S. slid 1.0% in September, missing expectations for a 0.9% decline, after a 2.1% drop in August.
Market participants are awaiting the release of the U.S. labour market data on Friday. The U.S. unemployment rate is expected to remain unchanged at 5.1% in October. The U.S. economy is expected to add 180,000 jobs in October, after adding 142,000 jobs in September.
December futures for gold on the COMEX today declined to 1122.70 dollars per ounce.