Gold prices steady ahead of US data release

Gold prices kept flat today, July 6, after the Federal Reserve's June meeting minutes affirmed expectations of yet another interest rate hike this year.

Investors are pricing in an 89% chance that the US central bank will lift interest rates by 25 basis points in July as inflation continues to soar.

Today, the weekly jobless claims data in the US is scheduled to be out, amid forecasts for 247,000 applications. This is in addition to ADB’s private sector jobs report, which may register 226,000 jobs.

Gold prices for August delivery stabilized at $1,925.80 an ounce, while spot prices rose 0.19% to reach $1,918.99 at 11:03 am Makkah time.

Silver futures settled at $23.41 an ounce, with platinum spot prices steady at $920.26 per ounce.

On the other hand, the US dollar index, which gauges the greenback's strength against a basket of six currencies, fell slightly by 0.10% to 103.27 points.