Gold closes in red for first time in 5 sessions

Gold bars

Gold prices ended in the red for the first time in five sessions today, Aug. 21, amid investor profit-taking, despite the US dollar index falling to its lowest level since touching 100.62 points on Dec. 28, 2023.

Bullion for December delivery plummeted by 0.1%, or $3.1, to finish at $2,547.5 per ounce.

This came as the US dollar index, which gauges the greenback's strength against a basket of six currencies, lost 0.35% to 101.08 points at 10:02 pm Makkah time, after hitting 100.92 points.

Daily trading for the yellow metal contracts ended before the release of the minutes of the last US central bank meeting in July, which showed a noticeable slip in policymakers’ inflation fears, driving some of them to propose a 25-basis-point interest rate cut at the July meeting.

Global markets are awaiting Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Forum on Friday, where he is anticipated to set a roadmap for US interest rates.