Gold prices changed little on March 1 morning, remaining at $1,837 per troy ounce, Report informs referring to the auction data.
Markets continue to evaluate the plans of the US Federal Reserve System (FRS) at the key rate.
The price of April gold futures on the New York Comex exchange rose by $0.3, or 0.02%, to $1,837 per troy ounce. May futures for silver will rise in price by 0.49% to $21.175 per ounce.
The price of gold continues to be affected by traders’ expectations of the Fed’s monetary policy. According to CME Group, 76.7% of analysts expect another rate hike in March - again by 25 basis points, to 4.75-5% per annum. At the same time, 23.3% expect an increase of already 50 basis points.
Gold is sensitive to the actions of the Fed and the regulator’s plans for the discount rate. Tighter monetary policy strengthens the dollar, which in turn lowers the value of the precious metal, making it less available to buy in other currencies, and vice versa.