Gold prices stabilize ahead of Federal Reserve meeting

Gold prices stabilized on Tuesday to maintain the gains made since the beginning of the week, amid anticipation of the monetary policy committee meetings of the Federal Reserve and the Bank of England during this week.

The Federal Reserve - whose meeting begins today, Nov. 2 and ends tomorrow, Nov. 3 - faces challenges related to price increases, amid attempts to balance rising inflation and giving the economy more time to restore lost jobs due to the pandemic.

The Bank of England is due to release its monetary policy decision on Nov. 4, and despite expectations that the bank will raise interest rates, worse-than-expected economic data may prompt the bank to wait for that decision.

Gold futures contracts for December delivery settled at $1,794.80 per ounce at 09:56am Makkah time. Spot price for the yellow metal rose marginally by 0.1% to reach $1,795.5 per ounce.

Elsewhere, silver futures for December delivery fell 0.1% to reach $24.04 an ounce. Spot price for platinum delivery fell 0.8% to reach $1,060.1, while palladium settled at $2,047.5 per ounce.