Gold prices stabilize post US monetary policy developments, Omicron cases

Gold prices stabilized today, Jan. 5, amid the statements of officials about monetary policy in the United States and the latest developments regarding the pandemic.

Neil Kashkari, President of the Federal Reserve in Minneapolis, expects the US central bank to raise the interest rate twice this year, to counter the continued acceleration of inflation.

COVID-19 cases in the United States crossed the one million mark for the first time since the beginning of the pandemic this week due to the Omicron outbreak.

Data from the FlightWire website revealed that US airlines canceled about 1,200 flights, on Jan. 4, due to winter storms and the continued spread of Omicron among corporate employees.

Gold futures contracts for February delivery settled at $1,814.40 per ounce at 10:45am Makkah time. Spot price for the yellow metal fell 0.1% to reach $1,812.68 per ounce.

Elsewhere, silver futures for March delivery fell 0.6% to reach $22.93 an ounce. Spot price for platinum delivery fell 0.5% to reach $970.75, while palladium declined 0.5% to reach $1,851 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 96.191 points.