Gold prices end down for 3rd straight session

Gold prices ended in the red for the third straight session today, Nov. 8, recording the lowest level in more than three weeks, with investors evaluating the monetary policy prospects in light of the ongoing geopolitical tensions in the Middle East.

Bullion for December delivery plummeted by 0.80%, or $15.70, to finish at $1,957.80 per ounce, the lowest close since Oct. 17.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, settled at 105.55 points at 09:33 pm Makkah time.

In an interview with the Wall Street Journal, economist Mohamed El-Erian expressed his fears that the US economy would slow down, adding: “This is ultimately what happens in the end when you rely too much on a Fed that was late in reacting to inflation.”

Earlier today, Britain imposed sanctions on two of Russia's largest gold producers, Nord Gold Plc and Highland Gold Mining Ltd. Britain's National Crime Agency (NCA) also issued an alert to financial institutions, warning them about Russian attempts to use gold to evade sanctions, Reuters reported.