Gold prices fall on statements about US interest rates

Gold prices fell on Thursday after Federal Reserve Vice Chair, Richard Clarida, said that the bank is likely to reach its economic targets by the end of next year, and start raising rates again in 2023.

Spot gold fell marginally by 0.1% to reach $1,810.03 per ounce, while gold futures contracts for December delivery declined 0.2%, or $3.3, to reach $1,811.2 per ounce, by 09:38 am Makkah time.

Elsewhere, silver futures for September delivery fell 0.3% to reach $25.36 per ounce, platinum declined 1.14% to reach $1,016.01 per ounce, while palladium rose 0.1% to reach 2,655.03 per ounce.

Later today, Aug. 5, investors are awaiting the release of US unemployment claims data, followed by the monthly US jobs report on Aug. 6 that will highlight the health of the labor market.