Gold prices tally nine-session down streak, close at 11-month low

Gold continued its downward trajectory for the ninth consecutive session today, Oct. 5, despite the decline in the US dollar and bond yields.

Fears of further monetary tightening were renewed after data showed a lower-than-expected uptick in the number of Americans filing new claims for unemployment benefits last week. Although the reading hovered near a historical low, it underpinned the ongoing strength in the US labor market.

On another note, China remained the largest gold producer in the world in 2022, producing 330 tons, or 11% of the global total. In 2023, mined gold production is expected to grow to surpass the record set in 2018 (3,300 tons), according to the World Gold Council.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, is heading towards its ninth loss in a row, in what may be the longest losing streak since July 6, 2022, MarketWatch reported.

At settlement today, bullion for December delivery decreased by 0.15%, or $3, to finish at $1,831.80 per ounce — the lowest since Nov. 9, 2022.

The yellow metal's losses were offset by a 0.35% pullback in the US dollar index, which measures the performance of the US currency against a basket of six major currencies, to stand at 106.44 points at 08:36 pm Makkah time.