Gold dips on dollar gains, traders consider US Fed path ‎

Gold prices fell today, Monday, with the rise of the dollar, while investors sought to clarify whether the Federal Reserve (the US central bank) would ease monetary policy.

According to “Reuters”, the price of gold in spot transactions fell 0.4 percent to $ 1650.77 an ounce (an ounce) by 0754 GMT, while US gold futures fell 0.1 percent to $ 1653.80.

Prices hit their highest levels since Oct. 14 earlier in the session after jumping 1.8 percent on Friday, their biggest intraday rise since Oct. 3. This is partly due to expectations that some Fed officials are looking to limit the rapid pace of interest rate hikes.

The dollar index rose 0.4 percent, which reduced the attractiveness of gold denominated in the US currency to buyers abroad.

The US Federal Reserve is still widely expected to raise interest rates by 75 basis points at its November meeting.

The price of silver in spot transactions fell 1.2 percent to $ 19.17 an ounce, and palladium 0.2 percent to $ 2014.13.

And platinum rose 0.2 percent to $ 933.75 an ounce, after it reached earlier in the session to a peak it had reached on August 15.

Markets in India, Thailand, Singapore and Malaysia are closed due to public holidays.