CHICAGO, Nov. 20 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as few are willing to take risks pending the U.S. Thanksgiving Day holiday.

The most active gold contract for December delivery fell 4.40 U.S. dollars, or 0.22 percent, to close at 1,980.30 dollars per ounce.

In an interview with Fox Business on Monday, Richmond Federal Reserve Bank President Tom Barkin said that inflation has come down nicely, but some businesses are planning to keep raising prices, and that means the Fed should hold rates at relatively high levels for a long time.

"I see inflation being stubborn, and that makes the case for me being higher for longer (for interest rates)," Barkin said.

The Conference Board Leading Economic Index for the United States fell by 0.8 percent to 103.9 in October, following a decline of 0.7 percent in September.

Market analysts now expect the Federal Reserve cutting rates beginning in May 2024.

The minutes of November Federal Open Market Committee meeting will be released on Tuesday.

Silver for December delivery fell 23.80 cents, or 1 percent, to close at 23.614 dollars per ounce. Platinum for January delivery rose 25.70 dollars, or 2.85 percent, to close at 927.40 dollars per ounce.