Gold falls to the lowest level in a week and investors are watching the reserve board

Gold prices fell to their lowest level in Thursday's week with the rise of the dollar and shares after investors absorbed the results of the US midterm elections to shift their focus towards the monetary policy decision of the Federal Reserve Council (US central bank) scheduled for Thursday.

The reserve board is not expected to raise interest rates until its next meeting in December December but dealers are waiting to see if it will provide evidence of possible increases in December December and 2019.

"The increase in interest in December (December) is fully absorbed, but the outlook for next year is still uncertain," said Elia Spivac, the exchange market analyst of the Daily **.

"The confident tone will probably press the gold, but caution may give him some support."

The Reserve Council raised interest rates in September September four further increases are planned by the end of 2019 and one in 2020 in light of what it says is sustained economic growth and strong job market.

The U.S. interest rate enhances the dollar and raises bond yields while undermining the lure of non-revenue-producing gold.

At 0710 GMT, the spot price of gold was down 0.3 percent to 1222.31 dollars an ounce after its lowest level since November 1 November at 1221.1 dollars earlier in the session.

US gold futures came 0.2 percent to 1226.3 dollars an ounce.

Silver fell 0.5 percent in instant transactions to 14.50 dollars an ounce.

Palladium fell 0.5 percent to 1127.55 dollars an ounce. The metal touched its highest level in two weeks when it reached 1139.50 dollars an ounce during the previous session.

Platinum fell 0.2 percent to 870.60 dollars an ounce after scoring its highest level since June 25 June at 877.50 dollars an ounce on Wednesday.