Gold prices stabilize, head for weekly losses

Gold prices kept flat today, June 23. However, they are heading for the biggest weekly losses since early February, after some central banks raised the interest rates and the Fed announced potential hikes this year.

Treasury Secretary Janet Yellen sees diminishing risk for the US to fall into recession, Bloomberg reported.

Gold futures contracts for August delivery stabilized at $1,924.7 per ounce at 9:12 am Makkah time. Spot prices for the yellow metal rose 0.12% to $1,916.23 per ounce, but they are nearly 2.5% lower this week.

Elsewhere, silver futures fell 0.73% to $22.51 an ounce, and spot prices for platinum delivery kept unchanged at $925.16.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, rose 0.27% to 102.66 points.