Gold prices fall marginally as US dollar stabilizes

Gold prices fell marginally on Thursday as the US dollar stabilized, amid signs that the US Senate is close to reaching a temporary agreement to avoid a default on the federal debt in the next two weeks.

Gold futures contracts for December delivery fell 0.1% to reach $1,760.1 per ounce at 12:01pm Makkah time. Spot price for the yellow metal fell 0.17% to reach $1,759.7 per ounce.

Elsewhere, silver futures for December delivery rose 0.6% to reach $22.66 an ounce. Spot price for platinum delivery fell 0.6% to reach $983.9, while palladium decreased 0.3% to reach $1,882.16 per ounce.

Markets are awaiting the release of US non-farm payrolls data tomorrow, Oct. 8, which may show an improvement in the labor market situation, which is an important criterion for the Federal Reserve to begin withdrawing monetary support provided during the pandemic period.