Gold ends lower as series of gains comes to halt

Gold prices finished in the red today, Oct. 23, with investors booking profits while keeping a tab on developments in the Middle East conflict.

The yellow metal strengthened by about 8% in the last two weeks by about 8%, as geopolitical risks caused by the widening Middle East conflict continue fueling safe-haven flows.

Markets are pricing in a 98.5% chance that the US central bank will decide to fix interest rates at the current range during the rate-setting committee’s Oct. 31-Nov. 1 meeting, compared to 72.5% a month ago.

In terms of trading, bullion for December delivery shed 0.35%, or $6.60, to close at $1,987.80 per ounce, paring losses after touching $1,971 an ounce in early trading.

Additionally, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, contracted by 0.55% to 105.6 points at 08:38 pm Makkah time.