Gold futures traded at their worst monthly decline since 2019, after recording a decline for the third consecutive month amid the strengthening of the US dollar ahead of the US presidential election.
Uncertainty ahead of next Tuesday's presidential election, November 3, has raised the attractiveness of the greenback dollar as a protective asset against the yellow gold.
The decline in gold prices was also hampered by the lack of stimulus measures taken by the government despite the growing pressure of the Covid-19 pandemic crisis around the world, especially the United States and Europe.
Hopes for the U.S. Congress to approve the new Covid-19 stimulus move before the election fade with both sides, Republicans and Democrats pointing fingers at each other for failing to reach an agreement in these negotiations.
In the European session, gold spot traded slightly higher at $ 1,873 per ounce from its one-month low on Thursday, $ 1,858 per ounce. Meanwhile, gold futures were positive at $ 1,873 per ounce (4.10pm Malaysian time).
The dollar index, which measures the strength of the greeback dollar against a basket of major currencies, remained strong at 93.86 despite a slight decline.
