Gold prices stabilize following Fed Chair remarks

Gold bars

Gold prices kept unchanged on Thursday following the remarks of Federal Reserves' Chairman and investors' anticipation of US labor market data set for Friday.

Gold futures for February delivery stabilized at $2,675.9 per ounce at 9:25 am Makkah time.

Gold spot prices kept flat at $2,649.67 per ounce.

Meanwhile, silver futures for March delivery fell 0.38% to $31.795. Platinum spot prices remained unchanged at $977.2.

Fed's Chair Jerome Powell on Wednesday said the economy is stronger now than the central bank had expected in September when it began reducing interest rates, and appeared to signal his support for a slower pace of interest-rate cuts ahead, New York Times reported.

Investors are anticipating non-farm payrolls data set to be released on Friday, with the US economy is expected to have added 214,000 jobs in November, according to Dow Jones estimates.