Gold prices fall slightly, head for monthly losses

Gold prices declined slightly today, Aug. 31, heading for the fifth straight monthly losses.

Federal Reserve Bank of New York President John Williams said combating high inflation is likely to require lifting the central bank’s benchmark short-term interest rate above 3.5% and holding it at that level through next year, The Wall Street Journal reported.

US job openings rose in July and consumer confidence rebounded significantly in August, which reinforced the Fed’s tightened policy.

Gold futures for December delivery inched down 0.15%, or $2.60, to $1,733.7 an ounce, while spot prices dropped 0.12% to $1,721.95 an ounce at 9:31 am Makkah time.

Meanwhile, silver futures for December delivery rose 0.32% to $18.35 per ounce, and spot prices for platinum rose 0.18% to $852.95. Meanwhile, palladium prices leapt 2.03% to $2,131.66.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.1% to 108.665 points.