Gold fell more than 2 percent to a 9-1/2-month low on Wednesday as a buoyant dollar extended its rally to the highest since 2003 on the back of upbeat U.S. economic data that further cemented a case for increasing interest rates next month. Bullion prices remained weak after minutes from the Federal Reserve's Nov. 1-2 meeting showed policymakers appeared confident that the economy was strengthening enough to warrant interest rate increases soon. U.S. durable goods orders rebounded in October and jobless claims, though off a 43-year low, remained below a level consistent with a tightening labor market. The data sent the dollar index to a fresh 13-1/2 year high. Spot gold dropped 1.9 percent at $1,188.82 an ounce, after falling 2.5 percent to $1,181.45, the lowest since since Feb. 10.
On technical front, gold breached below the key mark of $1,200, unleashing the bearish strength, and opening up a new downward momentum. The MACD index indicates strong downtrend with near-term support at $1,173. Bullion is expected to remain weak ahead of Fed’s policy meeting in December. It shall be noted that the RSI pointed to a oversold range, meaning accumulating rebound demand. Rebound could be expected after a slew of losses.
Silver tracked gold, falling by as much as 3 percent to $16.14 an ounce, its lowest since early June. It pared some losses later in the session to close at $16.36 an ounce. On chart, the MACD index still showed strong downward momentum with support at the key mark of $16. 

 
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