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Gold’s getting hit from all directions. Bullion’s heading for the worst run of weekly losses in more than a year as the Federal Reserve gears up to hike rates, U.S. equities at record levels lure money out of the haven and fund holdings wither.

Prices are set for a fifth weekly loss, the longest run since November 2015, to erode an annual gain. Bullion for immediate delivery lost as much as 0.5 percent to $1,165.27 an ounce, near a 10-month low, and traded at $1,169.55 at 2:42 p.m. in Singapore, according to Bloomberg generic pricing.

The precious metal is ending 2016 on the ropes as investors price in the Fed’s probable move next week, as well as the likelihood of further hikes in 2017, which has boosted the dollar. The S&P 500 and the Dow Jones Industrial Average are at all-time highs amid speculation President-elect Donald Trump’s policies will spur growth. Investors are also assessing the European Central Bank’s decision on Thursday to tweak its bond buying.

“Gold has absorbed a lot of bad news in the form of a rising U.S. dollar in particular, and rising interest rates and bond yields,” Ric Spooner, chief market analyst at CMC Markets in Sydney, said by phone. “One of the interesting things will be the reaction to what looks to be the almost-certain increase in interest rates by the U.S. Fed next week.”

Investors see a near 100 percent probability policy makers will raise the benchmark rate at their Dec. 13-14meeting for the first increase of the year. The Bloomberg Dollar Spot Index is 0.1 percent higher this week after surging 3.9 percent in November for the biggest monthly gain in two years.

Next week, “there’s going to be a possibility we might see a ‘buy the rumor, sell the fact’ reaction, with possibly some profit-taking in the U.S. dollar after the Fed acts,” according to Spooner. That “could actually lead to a bit of a rally in gold,” he said.

The embrace of risk by investors is spurring a selloff in bullion holdings. Assets in gold-backed exchange-traded funds contracted for a 20th straight day as of Thursday, the longest stretch since May 2013. Assets fell 3.3 metric tons to 1,839.4 tons, the lowest since June, data compiled by Bloomberg show.

Reference: Bloomberg