Gold prices fell on May 26 morning amid strengthening of the US dollar, Report informs referring to trading data and analysts’ comments.
The price of June futures for gold on the New York Comex exchange fell by $2.92, or 0.16%, to $1,843.38 per troy ounce. July silver futures fell 0.62% to $21.739 an ounce.
Pressure on the cost of the precious metal is exerted by the strengthening dollar, whose index is growing by 0.17%, to 102.23 points.
Such dynamics of the American currency was facilitated by the minutes of the May meeting of the US Federal Reserve System (FRS) published on May 25 evening, according to which the regulator considers it appropriate to raise the discount rate by 50 basis points at the next meetings.
The technical picture remains positive and it looks like only a notable recovery in the dollar will put an end to gold’s growth, Oanda analysts told the Wall Street Journal.