Gold slides to lowest settlement in a month

Gold futures slumped Monday to their lowest settlement in a month, with precious metal remaining under pressure after the Federal Reserve last week surprised investors by hinting at a rate rise as early as next month.

Higher rates can be a headwind for commodities like gold that don’t bear interest.

December gold GCZ5, +0.10%  fell $5.50, or 0.5%, to settle at $1,135.90 an ounce, marking gold’s lowest settlement since Oct. 1, when it finished at $1,113.70 an ounce. Last week, gold lost 1.8% but still managed to log an October gain of 2.4%.


Jasper Lawler, market analyst, at CMC Markets, said mixed economic data on Monday did little to halt a rise in assets perceived as risky like stocks. The Institute for Supply Management said its manufacturing index fell slightly to 50.1% last month from 50.2%, the lowest level since May 2013. A reading on construction spending climbed a seasonally adjusted 0.6% in September.

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