Gold prices settle above $1,860, awaiting US data

Gold prices stabilized today, Nov. 16, with the markets awaiting the release of retail sales data in the United States during October. This will be followed by a number of Federal Reserve members making new statements about monetary policy and the US economy.

Federal Reserve member Thomas Barkin said on Nov. 15 that the bank will raise interest rates if high inflation continues, stressing the need to wait to ensure that inflation and labor shortages continue for a long time before making any decisions.

The markets are waiting for more statements by Barkin and his colleagues, Raphael Bostik and Mary Daly about the monetary policy of the bank during the day.

Also, the Census Bureau is scheduled to announce US retail sales data at 04:30 pm Makkah time. Expectations show a 1.3% increase in sales during October, and an increase in core sales - which excludes cars - by 1%.

This, and markets witnessed stability in the wake of the hypothetical meeting between US President Joe Biden and his Chinese counterpart, Xi Jinping, who sought to calm tensions between the two countries and reach a solution to the outstanding issues, especially with the exacerbation of the Taiwan crisis.

Gold futures contracts for December delivery settled at $1,866.7 per ounce at 10:26 am Makkah time. Spot price for the yellow metal stabilized at $1,862.8 per ounce.

Elsewhere, silver futures for December delivery settled at $25.12 an ounce. Spot price for platinum delivery fell 0.1% to reach $1,088.9, while palladium decreased 0.7% to reach $2,138.6 per ounce.