Gold price fell to a fresh five-month low, on a stronger dollar and increased expectations that the Federal Reserve would raise U.S. interest rates next month says Dow Jones.

Spot gold prices were down 0.48% at $1,208.48 a troy ounce in mid-morning trade, the lowest price since early June, after trading at a nine-month low earlier in the day.

The WSJ Dollar Index, which tracks the greenback against a basket of other currencies, was up 0.12% Friday, after gaining for nine consecutive days.

A stronger dollar is typically bearish for gold and other dollar-denominated commodities, because it makes them more expensive for buyers holding other currencies.

This morning the New York futures for Brent dropped 0.84% ​​to $ 46.10 and WTI fell 1.14% to $ 44.90 per barrel. Thus, the black gold is trading in the red zone, move caused by a strong US dollar and weakening hopes for a OPEC production cut. Recall, the country's largest oil exporters (Saudi Arabia, Algeria, Russia, Iran, Kuwait, Libya, Venezuela, Bahrain, UAE, Qatar and Nigeria) will hold a meeting in Doha to discuss the details of a possible deal.