Gold remains close to three-week low

Gold fell for a second day and reached their lowest levels for the past three weeks. This followed after the Federal Reserve hinted about possible interest-rate hike in December.

As expected, at the meeting on Wednesday the US central bank decided to leave interest rates unchanged. According to the institution a possible increase in interest rates in December will depend on inflation and employment.

The weakness of the world economy and its impact on the United States give reason to believe that the Fed will delay increasing interest for the beginning of next year.

The published on Thursday data on US GDP show a slight slowdown. For the third quarter GDP increased by 1.5 %, as preliminary expectations were for growth of 1.6 %.

The spot price of gold fell 0.9 percent to 1,145.43 - its lowest level since October 9.

US futures for delivery in December fell 2.4% to $ 1147.30 per ounce.

Other precious metals also recorded declines on Thursday. 

Platinum fell 0.9 % to $ 989 per ounce.

Palladium fell 1.5 % to 667.50.

Silver depreciated by 2.1 % to $ 15.58 per ounce.