Gold ends below $1,300 for first time in September after Fed’s rate-hike hint
Gold prices dropped on Thursday, settling below $1,300 for the first time in September after the U.S. Federal Reserve hinted that interest rates will go up in December.
Gold for December delivery GCZ7, +0.20% slid $21.60, or 1.6%, to settle at $1,294.80 an ounce—its lowest settlement since Aug. 24, according to FactSet data. The percentage decline was also the biggest for a single session since early July. The SPDR Gold Shares ETF GLD, +0.29% shed 0.7%.
“The size of gold’s drop shows that North Korea had little to do with gold’s late-summer surge,” Adrian Ash, head of research at BullionVault, told MarketWatch. Gold is often sought for its haven status amid geopolitical rumblings.