Gold had been going down as it went close to near five-week lows. The decline in the precious metal comes as investors are paying heavy attention to the next set of U.S. data. This will give them hints as to when the Federal Reserve will hike interest rates soon. For some days now, hopes are climbing that the Federal Reserve could increase interest rates by next month in face of impressive data on employment and the general US economy. Market players are greatly looking to Fridayâ€™s nonfarm payrolls report. This will indicate the timing of the next U.S. rate hike. According to forecast, the data will indicate jobs growth of 180,000 for the month of August, this follows a leap of 255,000 for last month. In an interview, Fed Vice Chairman Stanley Fischer had revealed that the U.S. job market is approaching its peak performance. Considering this, the rate of interest hike by the U.S. central bank will be connected to how good the US economy is performing. Gold for December delivery on the Comex division of the New York Mercantile Exchange had gone by $4.55. This is a decline of 0.34%, trading at $1,322.55.