Gold prices still up ahead of US Fed chairman's remarks

Gold prices continued to climb today, Nov. 30, ahead of Federal Reserve Chairman Jerome Powell’s statements later in the day, amid anticipation of the release of several US data.

Gold futures for December delivery gained 0.22% to $1,752.30 an ounce at 10:02 am Makkah time, with spot prices also up 0.32% to $1,755.37per ounce.

Silver futures for March delivery, on the other hand, shed 0.24% to $21.38 an ounce, while the spot price of platinum rose 0.63% to $1,008.62 per ounce. Likewise, the spot price of palladium expanded by 2.30% to $1,876.07 an ounce.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, contracted by 0.18% to 106.64 points.

Investors are awaiting Powell's speech later today in order to obtain clues about the future path of monetary policy and possible interest-rate hikes at the Fed’s forthcoming December meeting.

The US GDP data for the third quarter of this year is also scheduled to be issued, after the estimated reading showed the economy growing by 2.6%. This is in addition to the ADB report on US private-sector jobs.

The Fed, according to Mark Cabana, head of US rates strategy at Bank of America Global Research, is expected to raise the interest rate three more times until next March. The key rate will be brought to 5.25%, before being reduced in December 2023.