Doha:Gold prices declined on Monday as the US dollar gained strength, causing gold to lose some of its earlier gains. This decrease in price was somewhat mitigated by weak economic data, which lessened the likelihood of a Federal Reserve rate hike in October.
According to Qatar News Agency, Spot gold saw a reduction of 0.3%, settling at $4,131.61 per ounce. Meanwhile, US gold futures for December delivery experienced a slight drop of 0.1% to $4,159.30.
The US dollar index increased by 0.6%, making metals priced in dollars more costly for investors using other currencies.
In other metals, spot silver increased by 0.9% to $60.94, platinum rose by 0.5% to $1,706.18, while palladium decreased by 0.2% to $1,165.40.