Gold prices touch $1,800 as US dollar declines

Gold prices rose on Monday to trade near $1,800 per ounce, amid anticipation of the Federal Reserve's response to inflationary pressures in the United States, and the dollar trading near its lowest level in a month.

Federal Reserve Chairman, Jerome Powell, said on Oct. 22 that the US central bank must start reducing its asset purchases, as he had previously expected that this step would be implemented in mid-November.

All eyes are also on the monetary policy meeting of the Bank of Japan and the European Union on Thursday, Oct. 28.

Gold futures contracts for December delivery rose 0.2% to reach $1,799.90 per ounce at 10:20am Makkah time. Spot price for the yellow metal rose 0.3% to reach $1,797.73 per ounce.

Elsewhere, silver futures for December delivery rose 0.2% to reach $24.50 an ounce. Spot price for platinum delivery gained 0.2% to reach $1,045.57, while palladium settled at $2,036 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 93.594 points.