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NEW YORK, Nov 1: Gold futures in New York sank to their lowest since mid-September on Tuesday amid speculative liquidation and a stronger dollar ahead of a likely increase in US interest rates, dealers said.
December gold on the New York Mercantile Exchange’s COMEX division was down $6.90 or 1.5 per cent at $460 an ounce, its cheapest price since Sept. 16.
Also pressuring the precious metal, the Federal Reserve is widely expected to announce a 12th straight rise in rates in the afternoon, taking the benchmark rate to 4 per cent and increasing the yield attraction for the US currency.—Reuters
