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Gold Slips as Investors Weigh Conflicting Views of U.S. Economy

  • Consumer confidence gauge in October falls to lowest in a year
  • Probability of an interest-rate increase up from a month ago
Updated on

Gold declined for a third day this week as investors weighed the likelihood of higher U.S. interest rates after a consumer confidence gauge unexpectedly dropped.

Bullion has slumped this month against the backdrop of a firmer dollar and a drumbeat of commentary from Federal Reserve officials that higher U.S. borrowing costs are needed. On Friday, futures pared declines after a survey showed consumer confidence unexpectedly fell to a one-year low in October as Americans soured on the outlook for the economy amid a contentious presidential campaign.