Gold finishes in red ahead of Powell’s policy remarks

Gold prices fell at the close of the first trading session this month today, Nov. 1, as investors awaited the Federal Reserve’s interest rate decision later in the day, prior to Chairman Jerome Powell’s post-meeting speech, seeking clues about the future of monetary policy.

The China Securities Index Co., the country’s biggest index provider, rolled out two new gold-linked stock indices to cash in on soaring demand for the safe-haven asset amid a slowdown in the Chinese real estate market and volatile global markets.

Elsewhere, ADP's monthly private payroll data released earlier today showed that there were 9.55 million jobs open in the US at the end of September, just slightly above the downwardly revised August reading of 9.50 million job openings and ahead of the 9.34 million consensus forecast.

In terms of trading, gold prices for December delivery plunged by 0.35%, or $6.80, to finish at $1,987.50 per ounce, after climbing to $2,005.90 an ounce in early trading.

On the other hand, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, gained 0.35% to 107.01 points at 08:38 pm Makkah time.