Gold prices rose on January 23 morning, to $1,930 per troy ounce. The weakening of the US currency supports the prices of the precious metal, Report informs referring to the auction data.
The price of February futures for gold on the New York Comex exchange rose by $2.2, or 0.11%, to $1,930.4 per troy ounce. March silver futures rose 0.73% to $24.11 an ounce.
The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.23% to 101.77 points. The depreciation of the dollar supports the value of gold, which in this case becomes more affordable when buying in another currency.
Markets at the same time await important statistics on the US economy, which will be published on January 26. In the fourth quarter, the country’s GDP is projected to grow by 2.8% in annual terms, after increasing by 3.2% a quarter earlier.
Data from the US is taken into account by the Federal Reserve when making monetary policy decisions, which affects the dollar, to which gold is sensitive.