Gold drops, heads for best week in over a month

Gold prices declined today, Aug. 25, as the US dollar jumped to the highest level in more than two months. Investors wait for signs of the monetary policy from the world’s central bankers gathering in Jackson Hole.

Bullion for December delivery traded 0.25% lower at $1,941.8 an ounce at 11:10 am Makkah time, but is bound for a weekly gain to end a four-week loss streak.

Spot gold also edged down 0.15%, or $3.18, to $1,913.73 an ounce, falling off its highest level in over two weeks.

Silver futures for December delivery dropped 0.35% to $24.5 an ounce. Spot palladium eased 0.4% to $1,238.77, while sport platinum added 0.35% to $941.21.

However, the US dollar index, which measures the performance of the US currency against a basket of six major currencies, gained 0.25% to 104.24 points after touching 104.31 points – the highest since June 6.

The US consumer sentiment data is expected today, with median forecasts of 71.2 points in August.