Gold records monthly decline

Gulf Today Report 

Gold prices still on course of falling after recording monthly decline due to a strong dollar offsetting the metal’s appeal.

Spot gold was up 0.1% at $1,842.58 per ounce prices were down 0.5% for the week and 2.8% for the month. US gold futures rose 0.2% to $1,844.20.

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Michael McCarthy, chief market strategist at CMC Markets said, "gold is largely going to continue to tread water as it is waiting for a proper catalyst."

Dollar is the current safe-haven, rising by 0.8% this month due to the aid from high US Treasury yields.

According to Philip Futures, "the short-term fundamentals have currently turned unfavourable towards gold as dollar strengthened because of unwinding stocks bets in the US."

The metal is up 3.9% for the week, its best weekly performance in nearly one-and-a-half months.

The gold/silver ratio, which measures the number of silver ounces needed to buy an ounce of gold, fell to its lowest since August in the previous session.

However, the steadier nature of commodity markets at the moment might be less attractive to retail day traders, CMC Markets' McCarthy added.

Platinum rose 0.6% to $1,077, but was set to register its worst week in seven. Palladium rose 0.3% to $2,340.70, but was down 4.4% for the month, its biggest monthly decline since April.