Gold of the New York exchange drops for fifth session

Gold futures on the COMEX division of the New York Mercantile Exchange dropped for the fifth session in a row Wednesday as investors looked to the Congressional testimony of Federal Reserve Chairwoman nominee Janet Yellen slated for Thursday for hints on Fed's next step. The most active gold contract for December delivery dropped 2.8 dollars, or 0.22 percent, to settle at 1,268.4 dollars per ounce. Investors are now eager to hear the congressional testimony Thursday from Janet Yellen on how she plans to perform her duty as Fed chairwoman. The communique of the Third Plenum of the 18th Central Committee of the Communist Party of China (CPC) offered little hints, as the world's second largest economy has targeted most of its reforms on sustainability rather than rapid growth. Market analysts are worried that slowed economic growth may diminish China's physical demand for gold. Silver for December delivery lost 33.6 cents, or 1.62 percent, to close at 20.442 dollars per ounce. Platinum for January delivery dipped 7.6 dollars, or 0.53 percent, to close at 1,432 dollars per ounce.