Gold fell to a one-month low on Friday, heading for a third successive weekly loss, as uncertainty over the timing of the U.S. Federal Reserve’s first interest rate increase in nearly a decade weighed on appetite for the metal.
Prices are down 2 percent this week, and touched their weakest level since August 11 at $1,099.05 an ounce on Wednesday.
Spot gold was down 1 percent at $1,099.85 an ounce , while U.S. gold futures for December delivery were down $10 an ounce at $1,099.20.
Traders are awaiting the Fed’s next policy statement on Sept. 17 for clues on the timing of a U.S. interest rate rise, before taking any big positions in gold.
Gold has benefited in recent years from ultra-low rates, which cut the opportunity cost of holding non-yielding bullion while weighing on the dollar, in which it is priced.