Gold prices rise amid weakening dollar

Gold prices on September 6 morning rose slightly, Report informs.

The price of December futures for gold on the New York Comex exchange rose by $5.75, or 0.33%, to $1,728.35 per troy ounce. December futures for silver rose 1.63% to $18.172 an ounce.

The dollar, in particular, fell against the euro and continues to grow, but only slightly against the yen. At the same time, on September 5, the dollar index (the exchange rate against a basket of currencies of six countries that are US trading partners) crossed the 110-point mark, for the first time in 20 years.

The weakening of the dollar makes gold relatively more accessible, including as a financial instrument, for holders of all other currencies.

The dollar temporarily lost confidence in anticipation of macroeconomic data from the US. Markets are waiting for the publication of the index of business activity in the US services (Services ISM). Analysts predict a decline in August to 55.1% from 56.7% in July.

Markets are also looking ahead to September 7 release of the Beige Book, the Federal Reserve’s monthly economic commentary. On September 8, the next meeting of the European Central Bank will take place.