Gold prices stable ahead of Fed meeting minutes release

Gold prices held ground today, Nov. 23, ahead of the release of the Federal Reserve’s meeting minutes, with some US economic data also in the pipeline.

Gold futures for December delivery settled at $1,796.70 an ounce at 10:13 am Makkah time as spot prices kept flat at $1,740.88 per ounce.

Meanwhile, silver futures for December delivery gained 0.48% to $21.15 an ounce, with the spot price of platinum also up 0.20% to $992.73 per ounce. The spot price of palladium advanced 1.14% to $1,880.46.

On the other hand, the main dollar index, which measures the performance of the US currency against a basket of six major currencies, contracted by 0.19% to 106.95 points.

The Fed will publish minutes of the November meeting later today. Investors are awaiting this release to determine the economic aspirations of the Monetary Policy Committee (MPC) members and their views on the path of US interest rates.

Several US data are also scheduled to be released today, including the Durable Goods Orders Index, Manufacturing and Services Purchasing Managers' Index (PMI) and Michigan Business Confidence Index. This is besides data on the US weekly jobless claims and new home sales.