Gold prices fell today, for the fifth consecutive month, with strong US economic data and comments from the Federal Reserve, the US Central Bank, on monetary tightening indicating further interest rate hikes, reducing the attractiveness of the non-yielding yellow metal.
Spot gold prices fell 0.1 percent to $1,721.59 an ounce, to its lowest level since July 27, when it recorded $1,718.70 an ounce.
US gold futures fell 0.2 percent to $1,733.10 an ounce.
“The Federal Reserve does not intend to ease (monetary) much in the near future,” said Ilya Spivak, a currency strategist at DailyFX. His focus is now on inflation.”
He added that this contributes to the decline in gold prices and the rise of the dollar.
Among other precious metals, spot silver fell 0.7 percent to $18.37 an ounce, declining by more than nine percent in August, recording its largest monthly decline since September 2020.
Platinum settled at $847.45, but it is heading towards a monthly decline of more than five percent. And palladium gained 1.6 percent to $2,121.27 an ounce.
