Gold prices up as US dollar stabilizes amid market holiday lull

Gold prices gained today, July 4, as the US dollar stabilized in light of America’s market holiday in observance of Independence Day, with a week full of important data releases ahead.

Gold futures for August delivery rose 0.41% to $1808.90 an ounce at 11:36 am Makkah time, with spot prices down slightly by 0.13% to $1,807.10 per ounce.

Elsewhere, silver futures for September delivery jumped 0.45% to $19.75 per ounce. The spot price of platinum, meanwhile, fell 1.05% to $879.92, with the spot price of palladium also edging lower by 1.05% to $1,937.38.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 105.06 points.

Investors are awaiting the release of minutes from the Fed's latest meeting on Wednesday, which are expected to provide insights into the financial body’s monetary policy pathway, as well as the economic outlook, over the coming months.

The US jobless claims report for June is also set for release on Friday, with the non-farm economy foreseen to add about 263,000 new jobs for the month, down from 390,000 in May. The unemployment rate is likely to settle at 3.6%, nearing its lowest level in half a century.