Gold prices stabilize as markets look ahead to US central bank meeting

Arabic and International

Economy News _ Baghdad

Gold prices stabilized on Tuesday as most traders were reluctant to form market positions ahead of an expected rate cut by the US Federal Reserve later this week.

Spot gold was little changed at $ 1498.80 an ounce by 0535 GMT, having risen as much as 1 percent in the previous session as tensions in the Middle East escalated.

Gold futures in the United States rose 0.4 percent to $ 1505.6 an ounce.

Meanwhile, currencies of oil-exporting countries have held together, while the dollar has been supported as oil prices have been boosted by attacks on two Saudi oil facilities and the threat of military action in the region, while stocks have come under pressure.

US President Donald Trump said on Monday Iran appeared to be responsible for the attacks but stressed he did not want war.

On the other precious metals, silver settled at $ 17.85 an ounce.

Platinum rose 0.1 percent to $ 937.64 an ounce, while palladium settled at $ 1605.07 after touching a record high of $ 1626.81 in the previous session.

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