Gold falls on strong dollar; silver declines to one-month low

LONDON: Gold today fell to the lowest level in more than two weeks after the dollar advanced while silver declined to a one-month low.

The gold fell 0.7 per cent to USD 1,741.75 an ounce, the lowest since September 26 and silver by 1.4 per cent to USD 33.05 an ounce, the lowest since September 13.

The US Dollar Index, a gauge against six counterparts, gained for the first time in four sessions, adding 0.4 per cent. The index climbed 0.4 per cent last week.

Commodities fell as concern that the global economy is weakening offset China reporting better-than-expected export data.

The Standard and Poor's GSCI spot gauge of 24 commodities was 0.4 per cent lower, after earlier today falling 0.7 per cent to the lowest since October 9.

Bullion also retreated on speculation that China may not need additional stimulus after exports grew more than estimated in September. China's exports increased 9.9 per cent from a year earlier.

At an International Monetary Fund meeting, China's central bank officials said bubble risks remain in housing markets in major cities and stimulus will be restricted to an "appropriate" level.