Gold prices steady today after 2-session drop

Gold prices were steady today, Sept. 7, after a two-session drop on a strong rise in US dollar and treasury yields, after economic data bolstered expectations the Federal Reserve will continue on an aggressive rate-hike path.

“Gold is back in the danger zone as global bond yields are skyrocketing … Central banks seem like they will be aggressive with front loading rate hikes right now,” Bloomberg reported, citing Edward Moya, senior market analyst at Oanda Corp.

On the other hand, the US Services PMI rose to 56.9 points, supporting a bullish outlook for the US economy. Traders also see a 75-basis-point rate hike at the Fed's policy meeting later this month.

Gold futures for December delivery were unchanged at $1,713.40 per ounce at 10:56 am Makkah time. Spot gold added 0.14% to $1,704.19 per ounce.

Silver futures for December delivery rose 0.8% to $18.05 per ounce. Spot platinum was trading 0.64% higher at $858.22 and palladium gained 0.2% to $2,010.63.

The dollar index was flat at 110.20 points, nearing a 20-year high.