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Gold prices are heading towards achieving their seventh monthly loss in a row

Adel 31 October, 2022 11:18 am Commodities, Market Update

Gold prices headed for a 7th consecutive monthly loss Monday, October 31st due to pressure from inflated US interest rates as cautious investors focus on the US Federal Reserve meeting for clues on its future position.

The price of gold settled in spot transactions at $ 1642.55 an ounce at 0331 GMT, but it is 1% during the month so far.

US gold futures settled at $1645.00.

As for other precious metals, the price of silver in spot transactions fell 0.5% to $19.14 an ounce.

Platinum fell 0.7% to $938.47, but it headed for its largest monthly gain since February 2021.

Palladium rose 1% to $ 1919.00, but lost 11% in October, its biggest monthly decline in 5 months.

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