Gold prices decline ahead of Fed officials’ statements

Gold prices fell today, Nov. 15, with several Federal Reserve members awaiting statements throughout the week and the announcement of retail sales data in the United States during tomorrow's trading.

Neil Kashkari, a member of the Federal Reserve, warned on Nov. 14, against exaggerating the response to rising inflationary pressures, despite expectations that it will continue to rise over the next few months, explaining that this increase may be temporary.

At the same time, US Treasury Secretary Janet Yellen stressed that controlling the pandemic in the United States will be crucial to relieving inflationary pressures.

It is scheduled that Thomas Barkin, Esther George, Raphael Bostic and Patrick Harker, members of the Federal Reserve, will make more statements about monetary policy and the economic situation in the country on Nov. 16.

Gold futures contracts for December delivery fell 0.2% to reach $1,864.4 per ounce at 11:33am Makkah time. Spot price for the yellow metal declined marginally by 0.1% to reach $1,862.9 per ounce – down from $1,868 levels.

Elsewhere, silver futures for December delivery fell 0.2% to reach $25.29 an ounce, spot price for platinum delivery declined 0.7% to reach $1,077.9, while palladium decreased to reach $2,096.4 per ounce.

Markets are awaiting on Nov. 16 the announcement of retail sales in the United States for October, considering expectations that the index will rise 1.2%, reflecting the improvement in consumer spending.