Gold heads for 7th consecutive monthly loss

Gold prices head for a seventh consecutive monthly loss on Monday due to pressure from inflated US interest rates as cautious investors focus on the upcoming Federal Reserve policy meeting for clues on its future position.

According to “Reuters”, the price of gold in spot transactions settled at $ 1642.55 an ounce (an ounce) at 0331 GMT, but it decreased by one percent during the month so far. US gold futures settled at $ 1645.00

As for other precious metals, the price of silver in spot transactions decreased 0.5 percent to $19.14 an ounce.

Platinum fell 0.7 percent to $938.47, but it headed for its largest monthly gain since February 2021.

Palladium rose one percent to $ 1919.00, but lost 11 percent in October, its biggest monthly decline in five months.