Gold prices rise by more than $20, exceeds $1,800

Gold prices rose above $1,800 on Tuesday, a three-week high, as the US dollar weakened marginally.

This week, all eyes are on the Federal Reserve, as it will reveal the minutes of its last meeting tomorrow, July 7, during which it announced that it expects to start raising interest rates in 2023.

Spot gold rose 0.8% to reach $1,805.56 per ounce, and gold futures contracts for August rose 1.3%, or by $22.80, to reach $1,806.10 per ounce, by 09:35am Makkah time.

Elsewhere, silver rose 1.2% to $26.81 per ounce, palladium gained 1.1% to hit $2,823.50 per ounce, and platinum increased by 1.1% to $1,113.09 per ounce.

The US dollar index - which measures the performance of the US currency against a basket of six currencies – fell 0.2% to 92.048 points.