Gold prices remain flat on US economic data follow-up

Gold prices remained flat on Wednesday, in anticipation of the monetary policy meeting of the European Central Bank on June 10, 2021, and the release of US economic data.

The US is due to release its monthly inflation report on June 10, with expectations of a 0.4% month-on-month rise in May.

The data revealed that producer prices in China rose at the largest pace since 2008 in May, by about 9%.

Spot gold stabilized at $1,891.25 per ounce, and gold futures contracts for August settled at $1894.20 per ounce, by 09:35am Makkah time.

Elsewhere, silver dropped 0.2% to $27.69 per ounce, palladium declined 0.3% to $2,800 and platinum dropped 0.3% to $1,161.07.

The US dollar index - which measures the performance of the US currency against a basket of six currencies – stabilized at 90.019 points.