Gold prices stabilize below $1,800

Gold prices settled below $1,800 on Wednesday, after recording the largest daily decline in about a month on Sept. 7.

St. Louis Fed President, James Bullard, stated that the bank should continue to press ahead with its plan to scale back the massive pandemic-related stimulus program, despite the negative August jobs report.

Gold futures contracts for December delivery settled at $1,799.10 per ounce at 10:30am Makkah time. Spot price for the yellow metal gained 0.3% to reach $1,799.46 per ounce.

Elsewhere, silver futures for December delivery settled at $24.39 an ounce, spot price for platinum delivery stabilized at $1,002.88, while palladium increased 0.4% to reach $2,362.50 per ounce.

The dollar index - which measures the performance of the US currency against a basket of six currencies - settled at 92.571 points.