Gold Silver Reports — Gold fell, extending the first back-to-back weekly drop since May, as buoyant equity markets and expectations for higher US interest rates hurt demand.
Fed policy makers are meeting and signs of strength in the US economy have prompted traders to increase bets on a rate increase. They’re pricing in a 45% chance of a move by Dec, up from 12% at the start of the month.Higher rates are typically negative for gold because metal doesn’t pay interest. Bullion lost 0.3% to $1,318.98 an ounce by 11:31am in London, according to Bloomberg generic pricing. The metal declined 1.1% last week and is up 24% this year. — Neal Bhai Reports