Gold prices stabilized on Monday, at a time when investors are awaiting a meeting to be held this week by the Federal Reserve (the US Central Bank), during which it may indicate its intention to stop raising interest rates, starting in July.
There was little change in gold in spot transactions, and it remained at $1960.01 an ounce by 0536 GMT, while US gold futures fell 0.2 percent to $1961.80.
The dollar index fell, but remained near its highest level in more than a week, which it recorded on July 20, which limited the rise in gold, as the rise of the dollar makes the yellow metal more expensive for holders of other currencies.
Besides the US central bank, the European Central Bank and the Bank of Japan will also hold meetings this week. The market is awaiting the statements that will be issued by the US Federal Reserve Chairman, Jerome Powell, and the European Central Bank President, Christine Lagarde, regarding the future movements.
Gold is very sensitive to rising interest rates because it increases the opportunity cost of holding non-yielding bullion.
As for other metals, silver rose in spot transactions by 0.1% to $24.6 an ounce, while platinum fell 0.1% to $960.78 and palladium by the same percentage to $1289.51.
