Gold ends at 3-week low as bets for December rate hike grow

Gold prices finished Thursday at their lowest levels in three weeks, a day after the Federal Open Market Committee left the door open to hiking interest rates at its December meeting.

“An absolutely enormous intraday turnaround has scuppered what looked to be a burgeoning rally once more,” said Richard Perry, analyst at Hantec Markets, in a note.

Gold for December delivery GCZ5, +0.10% dropped $28.80, or 2.5%, to settle at $1,147.30 an ounce on Comex. That was the lowest settlement since Oct. 8.

Prices had settled at a one-week high on Wednesday, but then turned lower in electronic trading after the Fed statement was released at the close of the central bank’s two-day meeting.

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