Gold prices hit $1,820 per troy ounce

Gold prices showed stability on March 9 at a level just below $1,820 per troy ounce, Report informs referring to the auction data.

Investors evaluate the plans of the US Federal Reserve System (FRS) regarding the discount rate, which may affect the dollar.

The price of April gold futures on the New York Comex exchange rose by $0.35, or 0.02%, to $1,818.95 per troy ounce. May futures for silver fell 0.28% to $20.095 an ounce.

One of the factors influencing the price of gold remains the policy of the Fed regarding the discount rate. Earlier this week, Fed Chairman Jerome Powell said that the regulator intends to continue raising the discount rate in the fight against inflation.

Now, according to CME Group, 76.4% of analysts expect the Fed to raise the rate at its meeting in March by 50 basis points to 5-5.25% per annum. At the same time, only 23.6% expect an increase of 25 basis points.

Traditionally, monetary tightening has supported the dollar, making gold less available to buy in another currency, and vice versa.