Gold prices steady, set for first weekly gain in six weeks

Gold prices were steady today, July 22, heading for the first weekly gain in six weeks. However, the expected tightening of monetary policy by global central banks could limit this rise.

Markets continue to focus on the US Federal Reserve’s interest rate decision due next week. Market expectations for a recession next year rose to 40 percent, a Reuters poll showed, though most economists expect the Fed to keep raising rates by 75 basis points.

Gold futures for August delivery were flat at $1,714.80 per ounce at 10:40 am Makkah time. Spot prices edged down 0.22% to $1,715.62 per ounce, hit by a rise in dollar.

Elsewhere, silver futures for September delivery also declined 0.37% to $18.65 per ounce. The spot price of platinum added 0.73% to $878.07, with the spot price of palladium unchanged at $1,892.17.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, saw a rise of 0.61% to 107.25 points.

The Purchasing Managers' Index (PMI) in the US services and manufacturing sectors is expected to be issued later today.