Gold prices end lower despite generating monthly gains of about 7%

Gold prices turned lower at the settlement of the month’s last trading session today, Oct. 31, with investors closely monitoring the Federal Reserve’s meeting as it is expected to announce its interest rate decision on Nov. 1.

Global central banks purchased as much as 800 tons of gold in the first nine months of this year, up 14% year-on-year (YoY), with the People’s Bank of China at the forefront, snapping up 181 tons year to date, according to a report by the World Gold Council.

Elsewhere, a survey by the Conference Board showed that US consumer confidence plunged to a five-month low of 102.60 points in October amid worries about inflation, elevated interest rates and escalating unrest in the Middle East.

In terms of trading, bullion for December delivery finished lower by 0.55%, or $11.30, at $1,994.30 per ounce, after touching $2,017.70 an ounce in early trading, but generated monthly gains of 6.85%.

Meanwhile, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, climbed by 0.55% to 106.73 points at 08:45 pm Makkah time.