Gold Drops to $1,296.70 an Ounce, Lowest Level in a Week

Gold prices took a dive Oct. 9, falling to their lowest level in a week. Imports in India, the top gold consumer, dropped and the US dollar made gains, two factors impacting gold today, Bloomberg reported.

Gold futures for December delivery were down $27.23 to $1,296.70 an ounce on the COMEX in New York.

Spot gold was also down to $1,308.69 an ounce today, Reuters reported, a drop of $9.17 from the previous session.

The continued government shutdown in the United States and lawmakers’ failure to agree on a budget also failed to increase buying interest in the metal. News that Janet Yellen would be nominated to lead the Federal Reserve did not have a positive impact on gold, despite evidence from Fed minutes that she supports continued quantitative easing.