Gold rises on weakening US dollar

The price of gold rose on Monday morning, Report informs.

The weakening of the US currency supports the quotes of the precious metal, and investors are waiting for the speeches of the head of the Fed this week.

April gold futures on the New York Comex exchange rose by $5.3, or 0.29%, to $1,859.9 per troy ounce. May silver futures rose 0.42% to $21.328 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) is falling by 0.06%, to 104.46 points. Against the euro and the yen, the US currency fell by an average of about 0.1%. The dollar's depreciation supports the demand for gold, making it more affordable to buy in another currency.

The main events of the week in the markets are the speeches of the head of the US Federal Reserve System (Fed) Jerome Powell, at the US Congress, which are scheduled for Tuesday and Wednesday, as well as the release of statistics on unemployment in the US on Friday.

Gold is sensitive to signals from the Fed on monetary policy and macro statistics from the US, as this affects the dollar's value, which determines the demand for gold.