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Gold prices fell on Thursday as the dollar strengthened on growing expectations of a Federal Reserve rate hike in December following positive US economic data. Spot gold was down 0.2 percent at $1,185.55 an ounce by 0606 GMT. It dropped 2 percent in the previous session to touch its lowest in 9-1/2 months at $1,181.45.
US gold futures eased 0.3 percent to $1,185.60 per ounce. Fed policymakers appeared confident on the eve of the US presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed's November 1-2 meeting showed.
"There is a downtrend for gold prices due to interest rate hike expectations," said Mark To, head of research at Hong Kong's Wing Fung Financial Group. He added that he saw a "100 per cent" chance of a rate increase in December. "Some of the largest ... investment figures have been winding down their long positions in gold in the past quarter. We are going to see many more followers. It is not a good idea to trade for a rebound in prices," To said.

Copyright Reuters, 2016

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