Gold prices steady today amid uncertainty about US monetary policy

Gold alloys

Gold prices were steady today, May 8 after the losses incurred in yesterday's session due to the rise in the dollar index, amidst uncertainty about the US monetary policy outlook, and the continued growth of Chinese central bank purchases of the precious metal.

Prices of the yellow metal for June delivery were flat at $2,325.50 per ounce at 09:09 AM KSA time, after easing 0.3% at the close of yesterday’s session.

Meanwhile, spot gold rose by 0.14% to $2,317.41 per ounce, while the silver futures for July delivery added 0.20% to $27.60. On the other hand, spot platinum fell by 0.23% to $976.30 per ounce.

The dollar index, which reflects the value of the US currency against a basket of six major currencies, edged up 0.11% to 105.53 points.

On another note, China’s central bank added 60,000 troy ounces of gold to its reserves in April, extending the period of consecutive purchases to 18 months, according to official data released on May 7.