Gold prices fall amid strengthening dollar

Gold prices fell under the pressure of the strengthening dollar on January 10 morning, Report informs referring to the auction data.

The price of February gold futures on the New York Comex stock exchange dropped 0.3%, or $5.35, to $1,791.95 per troy ounce. March silver futures fell in price by 0.44% to $22.31 an ounce.

Negative dynamics was observed in the precious metal market, which was facilitated by the strengthening of the US dollar. The dollar index (exchange rate against a basket of currencies of six countries - the main trade partners of the US) grew by 0.22%, to 95.93 points.

The corresponding dynamics of the dollar is supported by expectations of an accelerated increase in the base interest rate by the US Federal Reserve, which, according to the regulator’s protocol, may be caused by inflationary pressure.

According to analysts’ forecast, gold prices will remain below the level of $1,800 per ounce.