Gold prices rise slightly ahead of US economic data release

Gold prices saw a marginal rise today, Aug. 24, with the main dollar index stable as investors await clues on the US Federal Reserve's path to monetary tightening, which could appear at the Jackson Hole meeting.

Gold futures for December delivery surged slightly by 0.11% to $1,763.1 an ounce at 11:44 am Makkah time. Similarly, spot prices gained 0.17% to $1,751.14 per ounce.

Silver futures for September delivery, meanwhile, shed 0.29% to $19.07 an ounce. The spot price for platinum settled at $885.63 per ounce, with the spot price of palladium up 0.33% to $1,992.03 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 108.674 points.

Minneapolis Fed Chairman Neil Kashkari said that the US central bank should tighten monetary policy to control inflation again.

Figures for US durable goods orders and new home sales are expected to be released later today.