Gold prices rise in anticipation of US Fed officials’ statements

Gold prices rose on Monday, as the Federal Reserve members awaited comments throughout the week.

Some Fed members, including New York Fed President, John Williams, are due to make their monetary policy statements later today, Sept. 27.

US Federal Reserve Chairman, Jerome Powell, announced last week that he expects to begin reducing reserve asset purchases in November.

Gold futures contracts for December delivery gained 0.4% to reach $1,758.80 per ounce at 09:50am Makkah time. Spot price for the yellow metal rose 0.4% to reach $1,758.16 per ounce.

Elsewhere, silver futures for December delivery rose 1% to reach $22.65 an ounce. Spot price for platinum delivery gained 0.7% to reach $992.21, while palladium increased by 0.7% to reach $1,965 per ounce.

The dollar index, which measures the performance of the US currency against a basket of six currencies, stabilized at 93.281 points.