Gold prices rise marginally as geopolitical developments follow

Gold prices rose marginally today, Jan. 17, with the decline in US dollar, amid the latest developments related to the pandemic.

Investors' attention is directed to the statements of several Federal Reserve officials throughout the current week before the monetary policy meeting scheduled for Jan. 26-27, 2022.

Michael Langford, CEO of AirGuide, told Reuters that the current tensions between Russia and Ukraine, as well as between China and Taiwan, are pushing the price of gold towards high levels.

He added: "The state of uncertainty will push gold prices towards stability around the current levels until there is more clarity.

Gold futures contracts for February delivery rose 0.34% to reach $1,822.60 per ounce at 11:40am Makkah time. Spot price for the yellow metal increased 0.23% to reach $1,822.16 per ounce.

Elsewhere, silver futures for March delivery rose 0.9% to reach $23.13 an ounce, spot price for platinum delivery settled at $975.40, while palladium increased 0.65% to reach $1,890.50 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, decreased by 0.1% to reach 95.050 points.