Gold prices fell to their lowest level in more than five years

Gold fell near a six-year low on Friday, heading towards $1,000 a troy ounce as expectations that the US Federal Reserve will raise interest rates next month increased, curbing the metal's appeal.

The metal dropped 0.7 per cent to $ 1,064.83 an ounce. It is falling for a sixth straight week, the longest such run since August. Silver also retreated by 1.30 per cent to $ 14.09 an ounce.

The US dollar, which tends to move inversely to gold, rose 0.1 per cent against a basket of 10 leading global currencies, gaining almost 35 per cent over the same period and on Friday hit an eight-month high.

Gold had a decade long bull-run between 2001 and 2011, has now fallen 45 per cent since hitting an all-time peak of $1,793 an ounce four years ago.