The price of gold rose on Wednesday morning, fixing above $1,750 per troy ounce, Report informs.
The depreciation of the dollar supports the quotes of the precious metal. Markets are also awaiting statistics on US GDP and a speech by the head of the Fed.
The price of December futures for gold on the New York Comex rose by $5.2, or 0.3%, to $1,753.6 per troy ounce. December silver futures rose 0.03% to $21.21 an ounce.
The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.22% to 106.59 points. The dollar's depreciation makes gold more affordable to buy in another currency.
The main events of Wednesday are statistics on US GDP, as well as a speech by Fed Chairman Jerome Powell. Analysts believe that the country's economic growth estimate will be improved to 2.7% annually (if GDP grows at the same rate for four consecutive quarters) from the first estimate of 2.6%. The country's GDP fell by 0.6% year-on-year in the second quarter.
On Wednesday evening, after the statistics release, Powell will deliver economic forecasts, and comments on inflation and the labor market. Markets are hoping to hear clues on the future monetary policy of the regulator.
The next meeting of the Fed will be held in mid-December. Markets expect the regulator to slow the pace of rate hikes to 50 bps after four 75 bps hikes. Gold is sensitive to signals from the Fed that affect the dollar.