Gold prices stable at close as US dollar, bond yields gain ground

Gold bars 

Gold prices remained flat at trading close today, Aug. 7, under pressure from the rise in the US dollar and bond yields, despite growing expectations of a Federal Reserve interest rate cut in September.

Bullion for December delivery stabilized at settlement at $2,432.40 per ounce, almost unchanged from yesterday's session, after touching $2,447.30 in early trading.

Elsewhere, silver futures for September delivery fell 0.81% to $27 per ounce, while platinum spot prices climbed by 0.63% to $920.83 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, nudged up by 0.25% to 103.22 points at 09:35 pm Makkah time.

"Jobless claims on Thursday is something markets will be looking for confirmation of slowing economic numbers, particularly employment," said Bart Melek, head of commodity strategies at TD Securities, Reuters reported.

The CME FedWatch Tool showed that the chance for a 25-basis-point (bp) Fed rate cut at the September meeting fell to 26.5% from 88.1% a week ago, while the possibility of a 50-bp reduction advanced to 73.5% from 11.8%.