NEW YORK (TheStreet) -- Shares of Gold Fields  (GFI) were down in late-afternoon trading on Friday as gold prices touched a two-week low on a stronger dollar and uncertainty about next week's Federal Reserve meeting.

Gold for December delivery was recently declining 0.43% to $1,312.30 per ounce on the COMEX.

Traders have been cautious about the gold market ahead of the central bank's two-day policy meeting that ends on Wednesday, according to the Wall Street Journal.

Weak economic data out yesterday failed to boost gold prices, which has caused some investors to question the strength of the commodity.

"It was an unpleasant surprise to people who were bullish," Tai Wong, head of base and precious metals trading at BMO Capital Markets, told the Journal. Gold "couldn't rally on a day it should have rallied, and that sentiment has carried over a little bit today."

Additionally, a stronger greenback makes dollar-priced commodities such as gold more expensive and less attractive to foreign buyers. 

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