Gold falls under pressure of strengthening dollar

The price of gold on Wednesday morning fell against the background of the strengthening US dollar, Report informs.

The price of June futures for gold on the New York Comex fell by $10.14, or 0.55%, to $1,808.85 per troy ounce. July silver futures fell 0.99% to $21.535 an ounce.

The dollar index rose 0.07 points on "hawkish" statements by US Federal Reserve Chairman Jerome Powell about readiness for "more aggressive" steps to reduce inflation in the country, including a further increase in interest rates.

At the end of April, US President Joe Biden said that he was not afraid of a recession in the American economy. Following this, in early May, the Fed raised its base rate by 50 basis points, to 0.75-1%, to fight inflation.

Since then, gold has come under pressure from the rising dollar. Quotes at the end of April went below $1,900, and on May 13, went further down to $1,800, but then slightly went upwards.