Gold price continued to decline on speculation that the Fed will start raising its interest rates in December. Friday's labour market data from the U.S. added to this speculation. Market participants are awaiting the release of the U.S. retail sales and producer price index data on Friday.

Today's Chinese economic data also weighed on gold price. The National Bureau of Statistics said on Wednesday that China's industrial production increased 5.6% year-on-year in October, missing expectations for a 5.8% rise, down from a 5.7% gain in September. Fixed-asset investment in China climbed 10.2% year-on-year in the January-October period, in line with expectations, after a 10.3% rise in the January-September period. Retail sales in China increased 11.0% year-on-year in October, exceeding expectations for a 10.9% gain, after a 10.9% rise in September.

December futures for gold on the COMEX today fell to 1084.70 dollars per ounce.

The National Bureau of Statistics said on Wednesday that China's industrial production increased 5.6% year-on-year in October, missing expectations for a 5.8% rise, down from a 5.7% gain in September.

Fixed-asset investment in China climbed 10.2% year-on-year in the January-October period, in line with expectations, after a 10.3% rise in the January-September period.

Retail sales in China increased 11.0% year-on-year in October, exceeding expectations for a 10.9% gain, after a 10.9% rise in September.

Chinese Premier Li Keqiang said on Tuesday that the government plans to innovate monetary policy tools that should help Chinese companies to lower their financing costs. Li added that the government will try to create a fair environment for market competition.

West Texas Intermediate futures for December delivery fell to $43.74 (+0.59%), while Brent crude declined to $47.17 (-0.57%) as market participants expect the U.S. Energy Information Administration to report an increase in U.S. crude stockpiles on Thursday after the American Petroleum Institute said U.S. stockpiles likely rose by 6.3 million barrels in the week ending November 6.

The EIA's monthly short-term energy outlook published Tuesday said U.S. crude-oil production declined by 40,000 barrels a day in October from September. According to forecasts mentioned in the outlook, production will average 8.8 million barrels a day in 2016, compared with the 9.3 million forecast for the current year.

Gold is currently at $1,091.10 (+0.24%) near a three-month low amid an imminent Fed's rate hike.

Some analysts say that higher rates in the U.S. are not entirely priced into bullion and more declines might come.

Assets in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 663.43 tonnes on Tuesday - the lowest since September 2008. Investors have been leaving gold funds amid expectations for a looming Fed's rate hike, which would make the non-interest-paying precious metal less attractive.

(raw materials / closing price /% change)

Oil 43.63 -1.31%

Gold 1,088.50 +0.09%