Gold Drops Below $1,300 to Lowest Since June on Fed Rate Concern

  • Fed’s Mester says U.S. economy is ripe for a rate increase
  • UBS sees Fed tightening monetary policy at December meeting

Gold plunged the most in almost three years, falling below $1,300 an ounce for the first time since June amid mounting concern that an improving U.S. economy will push the Federal Reserve to boost interest rates soon. Shares of gold-mining companies also declined.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.