The price of gold rose significantly on Thursday morning, mainly due to the US dollar's weakening following the US Federal Reserve System (Fed) meeting, Report informs.
The price of August gold futures on the New York Comex exchange increased by $17.8, or 1.04%, to $1,736.35 per troy ounce. September silver futures rose 3.26% to $19,207 an ounce.
Following the results of the July meeting, the Fed again raised the discount rate by 75 basis points - to the level of 2.25-2.5% per annum. This decision was taken into account by the markets the day before and caused a depreciation of the dollar against other major currencies now.
The weakening of the US national currency is in itself positive for the nominal quotations calculated in dollars of commodities, which include gold.
On Thursday, traders are waiting for data on US GDP, which may also affect the markets for currencies and precious metals. The US economy is expected to grow by 0.5% in the last quarter.