Gold price fell during the European session on Friday, as investors are waiting for the publication of data on US economic growth in the third quarter, to assess the possible impact of indicators on the Fed’s decision to increase rates.
As of 12:09 GMT, on the Comex division of the New York Mercantile Exchange, gold for December delivery went down $ 2.35, or 0.19%, to $ 1,267.05 per troy ounce.
Today, the US is expected to publish preliminary data on GDP growth in the third quarter, while the regional Fed officials predict lower growth than previously expected.
The consensus forecast assumes a significant increase in growth - to 2.5%.
Earlier, the Fed indicated that interest rates may rise in December if steady economic growth will continue.
The next meeting of the US central bank is scheduled for November, and the increase in interest rates on the eve of presidential elections is unlikely.
The precious metal is traditionally very sensitive to higher rates because its growth deprives investors of income from investments in gold, contributing to the strengthening of the dollar.
A day earlier, the precious metal rose in price by $ 3.10, or 0.25%, after data showed that orders for durable goods in the US unexpectedly fell in September.
The Commerce Department reported that orders for durable goods fell 0.1% last month.
Orders for durable goods excluding defense industry rose 0.7% in September.
Basic orders for durable goods (excluding transport) rose last month by 0.2%, according to the forecast.
A separate report showed that the number of initial applications for unemployment benefits in the US for the week ended October 22 fell 3,000 to 258,000, indicating a steady improvement in the US labor market and strengthen economic growth.
The USD index, which tracks the greenback against a basket of six major rivals, was held at 98.74 early in the morning on Friday, near a nine-month high at 99.09 earlier this week.
The strengthening of the US dollar is putting pressure on gold, as it reduces the precious metal's appeal as an alternative asset and makes dollar-denominated commodities more expensive for holders of other currencies.
In addition, during morning trading in London, silver futures for December delivery fell 1.6%, or 0.09%, to $ 17.623 per ounce, while copper rose 0.3 cents, or 0.16%, to $ 2,163 per pound.