Gold prices stabilize below $1,800

Gold prices kept flat today, Dec. 8, trading below the $1,800 level, with the US dollar also stable ahead of the release of initial jobless claims data, which will be issued later in the day.

Gold futures for February delivery settled at $1,797.4 an ounce at 10:28 am Makkah time, with spot prices also holding ground at $1,785.92 per ounce.

Silver futures for March delivery reached $22.90 an ounce, while the spot price of platinum gained 0.85% to $1,015.23 per ounce. Likewise, the spot price of palladium advanced 1.17% to $1,866.32 an ounce.

Market focus is currently directed to data on the US Producer Price Index, which will be out tomorrow, Dec. 9. Meanwhile, the reading of November’s US Consumer Price Index (CPI) is slated for release next week.

Traders are looking for more clues about the Federal Reserve’s interest rate path at its last meeting of the year next week, amid expectations of a 50-basis point (bp) hike.