Gold prices fall from highest level in 3 weeks

Gold prices fell on Monday from the highest level in more than three weeks, with the follow-up to the latest developments of COVID-19 and monetary policy in the United States.

Federal Reserve Chairman, Jerome Powell, announced on Aug. 27 that the US central bank might start reducing its asset purchases this year, but at the same time he did not indicate the timetable for this plan.

Gold futures contracts for December delivery fell 0.2% to reach $1,816.80 per ounce at 09:25am Makkah time. Spot price for the yellow metal fell 0.2% to reach $1,814.25 per ounce, after exceeding $1,820 per ounce in early trade - the highest level since Aug. 4.

Elsewhere, silver futures for December delivery fell 0.3% to reach $24.04 an ounce, spot price for platinum delivery decreased 0.2% to reach $1,010.50, while palladium gained 0.4% to reach $2,416.50 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies – settled at 92.642 points.