Gold prices close lower but log gains for 2nd straight month

Gold prices ticked lower at settlement today, Nov. 30, albeit achieved gains for the second straight month, as traders absorbed recent data showing a flexible US labor market despite the Federal Reserve’s tightening of monetary policy.

Bullion for February delivery plummeted by 0.50%, or $9.90, to finish at $2,057.20 per ounce, with December contracts also down 0.45% to $2,038.10 an ounce, but still ended the month with gains of 2.20%.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, grew 0.65% to 103.44 points at 09:32 pm Makkah time, after touching 102.72 points in early trading.

John Williams, President of the Federal Reserve Bank of New York, said the ongoing inflationary pressures may call for further tightening of monetary policy, as the US central bank may resort to raising interest rates again.

Data from the US Labor Department revealed that initial jobless claims increased by 7,000 to 218,000 applications in the week ended Nov. 25, below expectations for 220,000.