Gold prices stabilize near 2-month high

Gold prices stabilized today, Jan. 20, near its highest level in two months, amid the halt in the selling movement in the US bond markets and the decline in shares on Wall Street.

US President Joe Biden said on the sidelines of a press conference yesterday that the time has come for the Federal Reserve to start resetting the support it provides to the economy in the United States.

The comments come a week before the Federal Reserve's monetary policy meeting, which coincides with US inflation rising to its highest level in nearly 40 years.

Gold futures contracts for April delivery fell 0.16% to reach $1,842.50 per ounce at 09:45am Makkah time. Spot price for the yellow metal settled at $1839.93 per ounce, after recording $1844.15 per ounce in early trade - the highest level since Nov. 22.

Elsewhere, silver futures for March delivery rose 0.12% to reach $24.26 an ounce, spot price for platinum delivery gained 0.42% to reach $1,030.99, while palladium decreased 0.22% to reach $2,033.33 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 95.543 points.