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Gold declined further
Gold is currently at $1,108.30 (+0.19%). The precious metal extended its declines on Wednesday after Federal Reserve Chairwoman Janet Yellen pointed to a possible interest rate hike in December. She said that the U.S. economy is likely to continue making substantial progress and that a liftoff in rates in December is "a live possibility". New York Federal Reserve Bank President William Dudley supported Yellen's point of view. "I completely agree with the chair that it is a live possibility, but let's see what the data shows," he said.
Market participants are waiting for more data to assess strength of the U.S. economy and the probability of a data-dependant rate hike. That's why investors will focus on U.S. key jobs report due Friday.
Assets in SPDR Gold Trust, the biggest gold-backed exchange-traded fund in the world, fell to a six-week low of 680.11 tonnes on Wednesday.
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