Gold slips 3% as hawkish Fed comments spark market sell

Gold prices dropped 3% on Friday on a broader market sell-off, sparked by hawkish remarks from U.S. Federal Reserve officials, dimming hopes for a December interest rate cut. Spot gold fell 1.9% to $4,092.72 per ounce, as of 02:33 p.m. ET (1933 GMT), after falling over 3% earlier in the session. However, bullion is up 2.3% so far this week. U.S. gold futures for December delivery settled 2.4% lower at $4,094.20. "It's this idea that we're going to see a lesser likelihood of a Fed rate cut in December that is taking some of the wind out of the sails of the gold and silver market," said David Meger, director of metals trading at High Ridge Futures. Equity markets tumbled, following the global selloff triggered by hawkish Fed signals. The longest U.S. government shutdown, which ended Thursday