Gold Prices Decline as the Dollar Rises Globally

Gold prices recorded a slight drop on Monday amid a gradual rise in the U.S. dollar. Growing expectations of an interest rate cut by the U.S. Federal Reserve supported the precious metal and halted its sharp decline, after Federal Reserve Chairman Jerome Powell hinted at a possible rate cut, according to Bloomberg.

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Spot gold fell 0.2% to $3,364.25 per ounce after reaching its highest level since August 11 on Friday.

U.S. gold futures for December delivery declined 0.3% to $3,409.80.

As for other precious metals, silver fell 0.2% in spot trading to $38.09 per ounce, platinum dropped 0.3% to $1,356.95, and palladium slipped 0.6% to $1,119.67. — (Petra)