Gold fell to its lowest level in more than a week

Gold prices fell for the fourth consecutive session on Monday due to a stronger dollar while the Federal Reserve’s monetary policy stance overshadowed expectations for non-yielding gold.

The spot gold price fell 0.6 percent to $1,739.31 an ounce by 0931 GMT, after falling earlier to its lowest level since November 10, to $1,738.35.

US gold futures fell 0.7 percent to $1,742.

Gold fell 1.2 percent last week, its biggest weekly decline since the week ending Oct. 14.

The dollar rose 0.8 percent, making gold priced in US dollars more expensive for buyers abroad.

Investors will closely follow the proceedings of the November Federal Reserve meeting scheduled for Wednesday, with market participants estimating a half-point rate hike in December following recent comments by Fed officials.

Matt Simpson, an analyst at City Index, said that gold could test the support levels at $1,735 and $1,729 before knowing the facts of the Fed meeting.

As for other precious metals, the spot silver price fell 1.3 percent to $20.63 an ounce, platinum fell 1.3 percent to $964, and palladium fell 2.5 percent to $1888.12.