Gold price declines on a stronger U.S. dollar and on the uncertainty over the Fed’s interest rate hike

Gold price declined on a stronger U.S. dollar and on the uncertainty over the Fed's interest rate hike. The Italian newspaper CorrierEconomia reported on Monday that New York Fed President William Dudley said last Thursday that it is too early for an interest rate hike by the Fed as the global economic growth is weak.

"It's true we thought we could raise interest rates by the end of 2015, but turbulence on financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down," he said.

The Chinese economic data also weighed on gold price. The National Bureau of Statistics said on Monday that China's economy expanded 6.9% in the third quarter, beating expectations for a 6.8% gain, after a 7.0% in the second quarter. It was the weakest growth since 2009.

China's industrial production increased 5.7% on year in September, missing expectations for a 6.0% rise, down from a 6.1% gain in August.

Fixed-asset investment in China climbed 10.3% year-on-year in the January-September period, after a 10.9% rise in the January-August period. Analysts had expected a 10.8% increase.

Retail sales in China increased 10.9% year-on-year in September, exceeding expectations for a 10.8% gain, after a 10.8% rise in August.

December futures for gold on the COMEX today fell to 1170.80 dollars per ounce.