Gold prices stabilize, head for weekly gains

Gold prices stabilized today, June 9, amid a slight rise in the US dollar, but they are heading for weekly gains.

Investors expect the Federal Reserve to keep the interest rate unchanged in the next-week meeting, after raising it several times since March 2022.

Gold futures contracts for August delivery also stabilized at $1,978.5 per ounce at 10:22 am Makkah time. Spot prices for the yellow metal reached $1,964.59 per ounce, but they are nearly 0.8% higher this week.

Elsewhere, silver futures for July delivery rose 0.62% to $24.5 an ounce, and spot prices for platinum delivery increased 0.61% to $1,020.87.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.1% to 103.45 points.