NEW YORK (TheStreet) --Gold for December futures were lower by 1.76% to $1,189.90 on the COMEX during afternoon trading on Wednesday, the lowest level in gold in nine months.
GRZ ENERGY founder and President Anthony Grisanti commented on the impact a stronger dollar is having on the precious metal, during this afternoon's "Halftime Report" on CNBC.
"It's having a huge impact," Grisanti contended. "One of the reasons why investors own gold is economic uncertainty and with the results of the election and what is going on with the data numbers, the uncertainty is dissipating."
Furthermore, he said the Federal Reserve hiking interest rates in a few weeks is a "forgone conclusion" and will watch to see how the equity market responds.
"If the equity market handles that raise in a reasonable manner, then gold will probably trade to the $1,100 level," Grisanti said.