Gold futures fell 2.16%, or $26.40, to $1,196.10 an ounce at 2:53 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.
More than 16.5 million shares had changed hands as of 2:55 p.m., compared to the daily average volume of 9,479,380.
Separately, TheStreet Ratings team rates IAMGOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate IAMGOLD CORP (IAG) a SELL. This is driven by several 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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."