Gold rises in price on the decline of the US dollar

A troy ounce of gold rose in price by $6 50 cents, or 0.36%, to $1,791 25 cents by 8:42 minutes Moscow time. Silver also rose in price. Its cost per ounce rose to $22.532, or 0.04%. Precious metals are becoming more expensive due to the American currency depreciation. The dollar index dropped to 96.17 points. Nevertheless, experts believe the price of gold will start to decline again in the near future. This is possible to happen after the nearest meeting of the FOMC. The Committee is most likely to decide on a faster winding up of the repurchase program assets. This is required by the accelerated consumer price growth in the country. Inflation in the United States is high. Some Fed officials said inflationary pressures were stronger than previously thought. If the US Federal Reserve System at its December meeting decides on a more significant reduction in the asset repurchase volume and announces a possible rate hike next year, it will strengthen the dollar. The American currency rate growth is a negative factor for the gold market.

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Arseny Kudrin

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