The price of gold rose on Friday morning against the background of a cheaper dollar, Report informs, citing the auction data.
December gold futures on the New York Comex exchange rose by $6.05 (0.32%) to $1,921.25 per troy ounce. Since the beginning of the week, the decline in the value of gold may exceed 1%. September silver futures rose 0.6% to $22,852 per ounce.
The dollar index - the exchange rate against a basket of currencies of six US trading partner countries - declined by 0.23% to 103.34 points. The cheaper dollar makes gold more affordable to buy in another currency.
This week, the traders' eyes were on the US central bank and its plans for the key rate. The minutes of the July meeting, published on Wednesday, strengthened the opinion of the markets about the Fed's intention to continue raising the rate if inflationary pressure persists. Such expectations were confirmed by strong statistics from the United States, including on retail sales and applications for unemployment benefits.
Gold is sensitive to macro statistics from the US and the Fed's signals about the key rate, as this affects the value of the dollar. "Hawkish" sentiments traditionally buoy the US currency.