Gold prices stabilize ahead of Powell's speech

Gold prices kept unchanged today, Aug. 26, ahead of Fed Chairman Jerome Powell's speech, which investors are awaiting today to know the interest rate path.

The data of US merchandise trade balance, personal income, personal spending, and consumer confidence are expected to be released today.

Gold prices fell nearly 4% this year, due to Russia-Ukraine war and the Fed’s tendency to hike interest rates.

Gold futures for December delivery were flat at $1,769.8 an ounce at 9:25 am Makkah time. Meanwhile, spot prices stabilized at $1,758.14 an ounce.

On the other hand, silver futures were unchanged at $19.16 per ounce, and spot prices of platinum were kept flat at $888.08. Meanwhile, palladium prices retreated to $21,143.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, stabilized at 108.583 points.