Gold prices fell on June 14 morning. The appreciation of the dollar against major world currencies before the meeting of the US Federal Reserve (Fed) for the second day in a row holds back the value of this precious metal, Report informs.
The price of August gold futures on the New York Comex exchange fell by $5.35, or 0.29%, to $1,826.45 per troy ounce. On June 13, gold fell 2.6%. July silver futures fell 0.43% to $21.163 an ounce.
The dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) is above 105 points, the indicator was above this mark for the last time in December 2002. A more expensive dollar curbs demand for gold, which in this case becomes less available when bought in another currency.
Investors at the same time expect the next meeting of the Fed, which is scheduled for June 14-15. According to the CME Group, 92.5% of analysts expect that the rate at the end of the meeting will be 1.5-1.75% from the current 0.75-1%, that is, an increase of 75 basis points. The increase could be the third in a row after rising 25 basis points in March and 50 basis points in May.