Dollar Strength Keep Gold Under $1800 an Ounce

Gold prices stabilized Monday, November 1 as pressure from the US dollar continued, while investors cautiously awaited the US Federal Reserve meeting after data showed another spike in inflation.

The dollar settled near a more than two-week high hit on Friday, making gold less attractive to buyers of other currencies.

Gold was traded at $1,783.01 an ounce after it fell 1.5% to its lowest level in more than a week on Friday, and US gold futures rose 0.1% to $1,784.801 an ounce.

As for other precious metals, silver fell 0.2% to $23.80 an ounce, platinum increased 0.9% to $1026.58 an ounce, and palladium fell 0.3% to $196.57 an ounce.