Gold Set for Biggest Weekly Drop Since July Before Jobs Report
- Bullion falls 3% this week as investors cut ETP holdings
- Traders boost bets thart Fed will raise rates next month
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Gold headed for the biggest weekly drop since July as investors awaited U.S. jobs data for more indications on when the Federal Reserve will raise interest rates.
Bullion slumped to the lowest since September this week and investors cut holdings in gold-backed funds as Fed officials suggested that the central bank may raise borrowing costs at their December meeting. Traders have boosted the odds of a liftoff next month to 56 percent from 50 percent on Monday, Fed-fund futures data show.