Gold prices fall as US dollar marginally rises

Gold prices fell on Thursday with investors being cautious ahead of Federal Reserve Chairman, Jerome Powell's, expected speech on Aug. 27, which may give indications of the bank's plans to reduce monetary stimulus.

Gold futures contracts for December delivery fell 0.3% to reach 1,786.4 per ounce at 09:40am Makkah time, while spot delivery price declined by the same percentage to $1,785.23 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies - rose marginally by 0.1% to record 92.94 points.

Elsewhere, silver futures for December delivery fell 0.3% to reach $23.74 an ounce, spot price for platinum delivery decreased 1% to reach $989.74, and palladium declined 1.3% to reach $2,400.92 per ounce.

Holdings of the SPDR Gold Trust - the world's largest gold-backed trading fund - fell 0.3% to 1,001.72 tons on Aug. 25, their lowest level since April 2020.