Gold prices fall marginally, still at $1,800

Gold prices fell marginally on Tuesday, but still stood at $1,800, after the US Food and Drug Administration (FDA) granted full approval to the Pfizer vaccine.

This allayed fears that the Delta variant might impede the recovery of the global economy, which raised the sentiment of investors in the financial markets, as global stocks rose, as well as the modest rise in US Treasury yields, which limited the rise in gold prices.

Gold futures contracts for December delivery fell 0.2% to reach 1,802.8 per ounce at 10:49am Makkah time.

At the same time, spot delivery price declined by the same percentage to $1,801.88 per ounce, while the dollar index rose by 0.1% to record 93.04 points.

Elsewhere, silver futures for December delivery fell 0.4% to reach $23.63 an ounce, spot price for platinum delivery decreased 0.3% to reach $1,015.2, while palladium gained 0.9% to reach $2,419.42 per ounce.

Investors are awaiting Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole seminar on Aug. 26-27, regarding hints about the bank's plan to reduce economic stimulus.