Gold prices stabilize following developments of global monetary policy

Gold prices stabilized on Tuesday with Wall Street gains, amid anticipation of the monetary policy meeting in the Japanese and European Central Banks later in the week.

Miguel Faria, Senior Economist at the Federal Reserve Bank of St. Louis, warned that there were just over three million extra retirements as of last August, representing more than half of the 5.25 million people who have left the workforce since the start of the pandemic.

Gold futures contracts for December delivery settled at $1,805.50 per ounce at 10:00am Makkah time. Spot price for the yellow metal fell 0.2% to reach $1,803.41 per ounce.

Elsewhere, silver futures for December delivery fell 0.5% to reach $24.46 an ounce. Spot price for platinum delivery fell 0.8% to reach $1,054.14, while palladium settled at $2,049 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 93.873 points.