Gold closes higher ahead of Fed rate decision

Gold prices closed in the green today, Dec. 13, as the US dollar stabilized, and bond yields dropped, ahead of the Federal Reserve’s decision on interest rates.

Bullion for February delivery climbed by about 0.20%, or $4.10, to finish at $1,997.30 per ounce.

The US dollar index, which measures the performance of the US currency against a basket of six major currencies, steadied at 103.91 points at 09:40 pm Makkah time.

At the same time, the yield on the benchmark 10-year US Treasury bonds shed four basis points to 4.164%, with Fed Chairman Jerome Powell's conference slated later today following the central bank’s policy meeting.

Core producer prices, which exclude food, energy and trade, increased 0.9% in November after rising 1.2% in the month before.