Gold prices stabilize near 5-week low

20/09/2021 Argaam

Gold prices settled near a five-week low on Monday, with the US dollar rising to one-month high, and ahead of the Federal Reserve's monetary policy meeting.

 

The US central bank begins its monetary policy meeting tomorrow, Sept. 21, and will continue until Sept. 22, as investors are awaiting comments from Federal Reserve officials regarding its plan to start its purchases of assets related to COVID-19.

 

Gold futures contracts for December delivery settled at $1,751.20 per ounce at 09:20am Makkah time, after recording $1,742.30 per ounce in early trade. Spot price for the yellow metal declined 0.2% to reach $1,750.99 per ounce.

 

Elsewhere, silver futures for December delivery gained 0.3% to reach $22.41 an ounce, spot price for platinum delivery declined 1.9% to reach $909.80, while palladium decreased 2.5% to reach $1,935 per ounce.

 

The dollar index, which measures the performance of the US currency against a basket of six currencies, increased by 0.3% to 93.336 points.

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