Gold closes flat as dollar stalls

Gold prices stabilized on Wednesday, amid focus on the US dollar's movement against its major peers and the Federal Reserve’s statements.

The US manufacturing PMI reached 62.6 points in May, beating forecasts of 61.5 points.

The service PMI fell to 64.8 points in May, missing forecasts of a drop to 70 points from 70.4 points.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress yesterday that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

The dollar index held against a basket of major currencies at 91.7 points as of 19:10 GMT, after hitting a high of 91.9 points and a low of 91.5 points.

Gold spot futures held at $1,777.3 an ounce as of 19:10 GMT, after hitting a day high of $1,795.6 and a low of $1,774.