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Gold prices fell on Thursday as the dollar strengthened on growing expectations of a Federal Reserve rate hike in December following positive U.S. economic data.

Spot gold was down 0.2 percent at $1,185.55 an ounce by 0606 GMT. It dropped 2 percent in the previous session to touch its lowest in 9-1/2 months at $1,181.45. U.S. gold futures eased 0.3 percent to $1,185.60 per ounce.

Gold is getting trampled on. Bullion traded below $1,200 an ounce as prospects for economy-boosting policies by President-elect Donald Trump help the Federal Reserve gear up for a rate rise, hoisting the dollar to the highest level in more than a decade just as U.S. equities hit records.

“More than the Fed hike, it’s the dollar strength ahead of the FOMC meeting,” Gnanasekar Thiagarajan, director of Mumbai-based Commtrendz Risk Management Services Ltd., said by phone. “It’s really not attractive to hold gold at this point in time. It’s looking very weak.”

Assets in bullion-backed ETFs have contracted 85.5 metric tons in November, retreating to 1,902 tons, the lowest level since June, according to data compiled by Bloomberg. After shrinking for the past ten sessions, the holdings are on course for the biggest monthly drop in tonnage terms since June 2013.

Reference: Bloomberg, Reuters