Gold stabilizes before a possible halt to US interest rate hikes

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

By 0056 GMT, gold prices in spot transactions settled at $1,924.29 per ounce, and US gold futures prices settled at $1,946.10 per ounce.

The 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 in spot transactions increased 0.3 percent to $23.07 per ounce. Platinum rose 0.2 percent to $927.29 an ounce. Palladium settled at $1,248.73 per ounce.