Gold on Its Way to Post Worst Month Since November 2016

The yellow metal continues on its way to post its biggest monthly decline in nearly 4 years, driven by the strong US dollar and the return of caution to the markets after the first presidential debate in the United States.

Spot gold fell 0.6% to 1,885.81, down 4.3% since the beginning of the month, and will be the worst monthly performance since November 2016. US gold futures fell 0.5% to $ 1893.30.

The dollar index, which measures the strength of the US currency against a basket of major currencies, rose 0.1% and is making its way towards achieving the largest monthly gain since July 2019, which increases the cost of gold to holders of other currencies.

For other precious metals, silver fell 1.7% to $ 23.76 an ounce, platinum fell 1.9% to 867.72, while palladium rose 0.5% to $ 2319.05.