Under pressure from oversized American interest rates, the gold price was heading for a seventh consecutive monthly loss. However, cautious investors were waiting for the Federal Reserve's next policy meeting to get guidance on its future position.

Spot gold was stable at $1,642.55 an ounce at 0331 GMT, but has fallen 1% for the month so far. American gold futures were stable at $1,645.00. Indicator of sentiment, the holdings of SPDR Gold Trust, the largest gold-backed exchange-traded fund, fell 0.28% to 922.59 tons on Friday, their lowest level since March 2020.

Cash fell 0.5% to $19.14 per ounce. Platinum fell 0.7% to $938.47, but was heading for its biggest monthly gain since February 2021. Palladium rose 1% to $1,919.00 but lost 11% in October, its biggest monthly decline in five years.