Gold prices stabilize, hit highest level in a week

Gold prices stabilized on Monday, nearing the highest levels in a week, amid caution in global markets and growing concerns for the Delta variant that may push policymakers at the US Federal Reserve to reverse decisions to reduce economic stimulus.

Gold futures contracts for December delivery settled at $1,777.2 per ounce, at 10:45am Makkah time, while the spot price for delivery fell 0.2% to $1,775.88 per ounce, after it earlier reached $1,782.4 - the highest level since Aug. 6.

Elsewhere, silver futures for September delivery fell by 1.2% to reach $23.5 an ounce, while spot price for platinum declined 1.7% to reach $1,014.98, while palladium decreased 0.7% to reach $2,633.58 per ounce.

Investors are awaiting the minutes from the FOMC meeting, scheduled for Aug. 18, about the bank's policy outlook, as well as Federal Reserve Chairman Jerome Powell's speech.