Gold in biggest fall for two years as Fed rate decision looms

Outflows also reach 15-week high

Gold looks set to suffer its biggest monthly drop in price since 2013, amid intense speculation the US is poised to raise interest rates this month.

The precious metal is considered a hedge against inflation and a safe haven asset. But with expectations high that the Federal Reserve will up interest rates - which has the effect of curbing inflation - for the first time in six years at its December meeting, gold has come under pressure. Spot gold prices fell by as much as $4 to $1,053.29 on Monday, close to Friday's six-year low of $1,052.46, the Telegraph reported. While prices recovered in late trading, gold is still on track for a decline of 6.7% in November, which would represent the biggest monthly fall since June 2013. Sen...