Gold prices fall as dollar trades near 16-month high

Gold prices fell today, Nov. 22, with the dollar trading near 16-month high, following the latest monetary policy developments in the United States.

Federal Reserve Vice Chairman, Richard Clarida, said the Fed may discuss whether or not it will speed up reducing its bond purchases at its meeting next month.

He added: "I will look at the data that will be announced between now and the December meeting.”

Gold futures contracts for December delivery fell 0.5%, or about $9.30, to reach $1,845 per ounce at 09:50am Makkah time. Spot price for the yellow metal fell 0.2% to reach $1,841.70 per ounce.

Elsewhere, silver futures for March delivery settled at $24.83 an ounce. Spot price for platinum delivery rose 0.2% to reach $1,036.15, while palladium fell 0.4% to reach $2,064 per ounce.

The main dollar index, which measures the performance of the greenback against a basket of six currencies, rose by 0.1% at 96.135 points, a level close to the 16-month high recorded last week at 96.266 points.