Gold prices rising after previous decline

Gold prices are hovering amid uncertainties over the monetary policy of the US Federal Reserve System (FRS), increasing this morning after declining the day before, Report informs referring to the auction data.

As of 10:00 a.m. (GMT+4), the price of February gold futures on the Comex New York stock exchange was growing by 0.7%, or $12.45, to $1,789.8 per troy ounce.

Volatility is observed in the precious metal market, which is associated with the comments of the head of the Fed, Jerome Powell, who stated that the surge in inflation in the US, which is record-breaking in 30 years, is a temporary phenomenon, and therefore there is no need to change the plans for conducting monetary policy.

At the end of the November 2-3 meeting, the FRS announced a gradual start to reduce the buyout of financial assets from the market and a possible increase in the discount rate, but not earlier than the second half of next year, Prime agency reports.

However, on November 30, Powell said that the regulator may terminate the asset purchase program earlier than planned.