Manama:Gold prices experienced a 1% drop on Thursday as investors reacted to signals from the Federal Reserve and its Chair, Kevin Warsh, following the decision to leave interest rates unchanged. Market participants are also anticipating key U.S. inflation data later in the day to glean further insights on the future rate outlook.
According to Bahrain News Agency, spot gold decreased by 1.1%, reaching $4,024.22 per ounce by 0618 GMT. Concurrently, U.S. gold futures for December delivery saw a 0.4% decline, settling at $4,035.90. The bullion market is on the path toward its second consecutive monthly decline.
In the broader metals market, spot silver witnessed a 2.3% decrease, priced at $52.71 per ounce. Platinum fell by 1.8%, amounting to $1,511.02, and palladium saw a 0.5% drop, with its price at $1,006.03.