Gold steadies at close as investors weigh policy prospects

Gold prices stabilized at the close of trading today, Feb. 7, following statements from Federal Reserve policymakers about the possibility of lowering interest rates, in light of uncertainty about the path of the US economy.

Bullion for April delivery ended at $2,051.7 per ounce, almost unchanged from yesterday's session.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.15% to 104.07 points at 09:36 pm Makkah time.

Fed Governor Adriana Kugler noted that for her part she is "optimistic" that progress on inflation will continue with help from both slowing wage growth and lower rents, though like her colleagues she requires more data to be sure and would support holding rates steady for longer if disinflation stalls out.

Elsewhere, Richmond Fed President Thomas Barkin said, “There is still a reasonable amount of uncertainty” on inflation. “I am waiting to get more clarity on that before declaring anything more on what we do on the policy side,” he further stated.