Gold prices up after nearing 1-month low

Gold prices advanced today, Aug. 23, after falling near their lowest level in a month during the previous session, buoyed by a marginal drop in the main dollar index.

Gold futures for December delivery gained 0.28% to $1,753.3 an ounce at 11:39 am Makkah time. Similarly, spot prices surged 0.34% to $1,742.14 per ounce after touching $1,727.01 on Aug. 22 — the lowest since July 27.

Silver futures for September delivery also rose 0.37% to $19.05 an ounce. The spot price for platinum also increased by 0.5% to $882.79 per ounce, with the spot price of palladium up 1.05% to $2,023.71 per ounce.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, settled at 108.953 points, after hitting on Aug. 22 its highest level in more than a month.

In a report issued on Aug. 22, Commerzbank expected gold prices to record $1,800 and $1,900 an ounce by the end of 2022 and 2023, respectively.

Today, investors are anticipating the release of new home sales data, as well as the S&P manufacturing and services PMI in the US.