Gold prices tick lower on US market holiday

Gold prices fell slightly on Wednesday amid relatively calm trading due to the US market holiday, and amid anticipation of the US monetary policy prospects.

Gold futures for August delivery edged down 0.13%, or $3.1, to $2,343.8 per ounce.

Gold spot prices stabilized at $2,330.16 per ounce at 09:56 am Makkah time.

Silver futures for September delivery fell 0.33% to $29.47 per ounce, while platinum prices rose 0.17% to $978.47.

"I expect interest rates to come down gradually over the next couple of years, reflecting the fact that inflation is coming back to our 2% target and the economy is moving in a very strong sustainable path," New York Fed President John Williams said in an interview on the Fox Business television channel.

Traders are currently pricing in about a 67% chance of a Fed rate cut in September, according to CME FedWatch Tool.