Gold prices stabilize amid geopolitical tensions

Gold prices stabilized today, Feb. 9, near a two-week high, with geopolitical tensions on the lookout, and ahead of the release of US inflation data for January tomorrow.

In an interview with CNN, San Francisco Fed President Mary Daly emphasized that the bank should not be overly aggressive or implement weak measures when intervening to treat inflation, as it is expected to start raising interest rates in March.

French President Emmanuel Macron confirmed that he received assurances from the Russian President that there would be no deterioration or escalation in the Ukrainian crisis.

Gold futures contracts for April delivery settled at $1,828.30 per ounce at 11:40am Makkah time. Spot price for the yellow metal settled at $1827.41 per ounce.

Elsewhere, silver futures for March delivery settled at $23.22 an ounce, spot price for platinum delivery rose by 0.1% to reach $1,036.93, while palladium settled at $2,245.79 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell by 0.14% to reach 95.509 points.