Gold ends in red; palladium touches five-year low

Gold prices ended in the red today, Nov. 7, recording the lowest level in about three weeks, on the heels of statements from Federal Reserve policymakers.

Bullion for December delivery contracted by 0.75%, or $15.10, to finish at $1,973.50 per ounce, the lowest close since Oct. 18.

Similarly, palladium futures for December delivery fell at today’s settlement by 4.60%, or $51.50, to stand at $1,062.80 an ounce, after touching a five-year low of $1,057/ounce in early trading.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, surged 0.30% to 105.55 points at 09:50 pm Makkah time.

Minneapolis Federal Reserve Bank President Neel Kashkari said the continued acceleration of US economic activity at the current pace calls into question the extent of tightening monetary policy, adding that he does not currently see a lot of evidence the economy is weakening.