Steep sell-off amid rate uncertainty ends gold rally

A rally by gold came to a crashing halt on Friday as prices sank 3% amid a broader market selloff, sparked by hawkish remarks from US Federal Reserve officials that dimmed hopes for an interest rate cut in December.

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The afternoon fixing on Friday in London was $4,071.10 an ounce, compared with $3,994.10 a week earlier. Thai selling prices were quoted at 62,800 baht per baht-weight (15.2 grammes), up 1,400 baht from the previous week.

Equity markets also tumbled on Friday after rallying earlier as the US government got back to work. But the lengthy shutdown has created a major gap in official economic data. As a result, both the Fed and investors are flying blind.