Gold Falls to Low of $1,276. 24 an Ounce

Gold prices sank Nov. 12, with spot gold down to $1,276. 24 an ounce early in the session – its lowest level since Oct. 17, Reuters reported. Spot gold later rose slightly to $1,280.16 an ounce, still down $2.56 an ounce from the previous session.

Gold has lost about 3 percent in the last four sessions, according to Reuters. Today, a rising dollar and growing expectations the US Federal Reserve would start tapering its stimulus program by the end of the year weighed on the metal.

“The tapering debate and the uncertainty around its timing is still key to the gold market,” Citi analyst David Wilson said, according to Reuters. “And the tapering issue is a dollar issue because once everybody gets a sense of when tapering is going to be then the dollar will just get stronger and stronger and gold will suffer.”

Gold futures for December delivery also fell $6.40 to $1,280.60 an once, Investing.com reported.