Gold prices slip but remain above $1,700

Gold prices continued to drop today, Nov. 9, albeit still trading above $1,700, amid concerns about the impact of rising US interest rates on the country's economy.

Gold futures for December delivery declined 0.19% to $1,712.90 an ounce at 10:04 am Makkah time, while spot prices settled at $1,712.17 per ounce.

Similarly, silver futures for December delivery shed 0.20% to $21.46 an ounce. However, the spot price of platinum advanced 0.88% to $1,006.25 per ounce, but the spot price of palladium fell 0.75% to $1,906.28 an ounce.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six major currencies, kept flat at 109.67 points.

Former President of the Federal Reserve Bank of Boston Eric Rosengren warned in interview with CNBC that a 5% interest-rate hike by the Fed could very likely drive an economic recession in the US next year.

Goldman Sachs' analysts believe that the soaring US dollar and stronger economic data will prompt the Fed to continue with its tightening monetary policy by lifting interest rates, making it harder for central banks to keep pace.