Gold prices rise post Fed chairman's comments

Gold prices rose on Thursday after the US Federal Reserve confirmed that it is moving very gradually on reducing stimulus, in case the United States makes more economic progress.

Federal Reserve Chairman, Jerome Powell, stated that despite the economic progress, he is still very far from raising rates, after the bank's decision to keep interest rates near zero.

Spot gold rose 0.6% to reach $1,818.91 per ounce, while gold futures contracts for December delivery increased 1%, or $18.3, to reach $1,822.9 per ounce, by 09:55am Makkah time.

Elsewhere, silver futures for September delivery rose 1.84% to reach $25.34 per ounce, platinum increased 0.86% to reach $1,077.82 per ounce, and palladium gained 0.98% to $2,655.89 per ounce.

The dollar index declined by 0.21% to 92.13 points, paving the way for a further rise in the precious metal's prices.