Gold prices stabilize ahead of US inflation data

Gold prices kept flat today, Nov. 10, ahead of the release of US inflation data, which is scheduled to have a direct impact on the Federal Reserve’s upcoming interest-rate decision.

Gold futures for December delivery settled at $1,713.10 an ounce at 10:02 am Makkah time, while spot prices rose 0.13% to $1,708.72 per ounce.

Meanwhile, silver futures for December delivery shed 0.34% to $21.25 an ounce, despite the spot price of platinum growing 0.51% to $990.40 per ounce. The spot price of palladium settled at $1,865.64 an ounce.

Meanwhile, the main dollar index, which measures the performance of the US currency against a basket of six major currencies, plunged by 0.15% to 110.28 points.

Data on the US Consumer Price Index (CPI) will be released later today, amid expectations of a 7.9% year-on-year (YoY) drop and 0.6% month-on-month (MoM) increase in October.

President of the Federal Reserve in Chicago Charles Evans warned that not slowing down the pace of interest rate hikes and continuing to lift interest rates on each disappointing inflation report could push rates towards very high levels.