Gold prices tumble to 3-week lows

Gold prices slipped today, Aug. 22, touching their lowest levels in over three weeks after posting their first weekly loss in five weeks, amid expectations that the Federal Reserve would continue the pace of tightening monetary policy to curb inflation.

Gold futures for December delivery weakened 0.44% to $1,755.10 an ounce at 09:08 am Makkah time. Similarly, spot prices fell 0.26% to $1,742.59 per ounce.

Silver futures for September delivery also shed 0.84% to $19.02 an ounce. The spot price for platinum also plunged by 0.67% to $893.15, while the spot price of palladium advanced 0.53% to $2,135.73 per ounce.

On Aug. 19, Richmond Fed Chairman Thomas Barkin said the central bank is determined to bring inflation down to its 2% target, even if this means risking a recession in the US, Bloomberg reported.

All eyes are on Fed Reserve Chairman Jerome Powell’s upcoming statements at the Jackson Hole meeting on Aug. 26.