Gold price drops to $1,675 per troy ounce

The price of gold declined on Wednesday morning, to 1,675 dollars per troy ounce, Report informs.

The price of December futures for gold on the New York Comex exchange fell by $10.6, or 0.63%, to $1,675.4 per troy ounce. December silver futures fell 1.65% to $19.15 an ounce.

Investors are looking forward to the release of important data from the US, including the Fed's minutes, which will be published later on Wednesday. Markets hope to find hints on the further policy of the regulator, which may raise the key rate for the sixth time in a row next month to fight inflation.

According to the CME Group, 81% of experts predict a 75 bps increase in November to 3.75-4% per annum. The rate was raised at such a pace following the results of the three previous meetings. Only 19% of experts believe that the Fed will slow down the rate of increase.

Data on annual inflation in the US in September is scheduled to be published on Thursday. Analysts expect price growth to slow down to 8.1% after 8.3% in August, and the figure has not fallen below 7.5% since the beginning of the year

The tightening of monetary policy is positive for the US dollar, and this situation constrains the demand for gold, which is becoming less available for purchase in other currencies.