Gold prices decline from 5-month high

Gold prices fell today, Nov. 18, from their highest levels in five months as investors focused on the statements of members of central banks in the wake of the continued rise in the inflation rates.

Charles Evans, President of the Federal Reserve in Chicago, stated that the central bank will finish reducing asset purchases in the middle of 2022.

He also added that the bank will continue to monitor inflation levels and their record high to ensure that they decline in line with expectations, in conjunction with the expectations about the direction of Federal Reserve to raise interest rates soon.

Gold futures contracts for December delivery fell 0.2% to reach $1,869.5 per ounce at 10:14 am Makkah time, after recording at yesterday’s settlement - the highest level since June 11 at $1,870.2.

Spot price for the yellow metal witnessed a decline by the same percentage to $1,864.2 per ounce.

Elsewhere, silver futures for December delivery fell 0.4% to reach $25.1 an ounce. Spot price for platinum delivery declined 1.1% to reach $2,168.7, while palladium settled at $1,061.6 per ounce.