Gold futures fell 1.37%, or $16.70, to $1,205.80 an ounce at 2:39 p.m., according to CNBC.
Gold futures are heading for their longest slump in five weeks amid concerns that the Federal Reserve could soon increase U.S. interest rates, which would hurt demand for gold as another investment choice, according to Bloomberg.
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The Fed is scheduled to meet on Tuesday and Wednesday to discuss increasing borrowing costs after it had maintained its benchmark rate near 0% since 2008.
Gold prices fell 8.4% in the third quarter.
Separately, TheStreet Ratings team rates BARRICK GOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BARRICK GOLD CORP (ABX) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."