Gold prices stabilize before economic data release

Gold prices stabilized on Tuesday, in anticipation of the release of inflation data in the United States, and observing the effects of this data on the Federal Reserve's decision to start reducing its asset purchases.

A survey by the Federal Reserve Bank of New York showed that consumers' expectations of inflation for 2022 rose for 10 months in a row, to an average of 5.2% last August, the highest level since 2013.

Gold futures contracts for December delivery settled at $1,793.60 per ounce at 09:45am Makkah time. Spot price for the yellow metal settled at $1,792.79 per ounce.

Elsewhere, silver futures for December delivery fell 0.3% to reach $23.72 an ounce, spot price for platinum delivery declined 0.4% to reach $961.79, while palladium decreased 0.7% to reach $2,065 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies – settled at 92.587 points.