Gold prices declined on Monday, pressured by a stronger US dollar, while investors awaited fresh signals regarding the Federal Reserve’s monetary policy trajectory.
Spot gold fell 0.5% to $2,732.90 per ounce. Prices hit a record high of $2,758.37 on Wednesday while ending nearly 1% higher last week.
US gold futures declined 0.33% to $2,745.30.
The dollar index gained 0.2%, making gold less appealing for other currency holders, while US bond yields also rose.
Markets are pricing in a 94.8% chance for a 25-basis-point cut at the Fed’s November meeting, according to CME’s FedWatch Tool.
Spot silver fell 0.4% to $33.57 per ounce, palladium rose 0.23% to $1,025.15, and platinum edged 0.2 down to $1,190.97.
Source: Qatar News Agency