Gold firms before a possible halt to US interest rate hikes

Gold prices stabilized today, Monday, as investors continued to take into account the Federal Reserve (US Central Bank)’s possible halt to raising interest rates at its monetary policy meeting this week, with a focus on interest expectations at the US Central Bank.

According to Reuters, gold prices in spot transactions stabilized at $1,924.29 per ounce by 0056 GMT, and US gold futures prices stabilized at $1,946.10 per ounce.

Bank of England is likely to raise interest rates again this week, perhaps for the last time in one of the largest monetary policy tightening cycles in the last 100 years, as the economic slowdown begins to worry policymakers.

As for other precious metals, silver increased in spot transactions by 0.3% to $23.07 per ounce. Platinum rose 0.2% to $927.29 an ounce. Palladium settled at $1,248.73 per ounce.