LONDON: Gold fell on Monday as the dollar edged higher ahead of a Federal Reserve policy meeting this week, which is expected to announce the first interest rate rise in nearly a decade.

Spot gold eased 0.4pc to $1,069.85 an ounce by 1458 GMT, while US gold futures were down 0.5pc at $1,070.10 an ounce.

“Gold’s downtrend persists, with initial support around $1,062-$1,063, a break of which could see prices back to their December lows (at $1,045),” ActivTrades chief analyst Carlo Alberto de Casa said. Silver hit its lowest since August 2009 at $13.60 an ounce.

Palladium rose 0.8pc to $546.65 an ounce, while platinum was up 1.4pc at $851 an ounce.

Published in Dawn, December 15th, 2015