Gold price rises slightly in anticipation of signals from US Federal Reserve

The price of gold rose slightly on Monday morning, Report informs.

Investors are waiting for signals about the future policy of the US Federal Reserve System (Fed) regarding the discount rate, which may be contained in the minutes of the February meeting.

The price of April gold futures on the New York Comex rose by $3.05, or 0.16%, to $1,853.25 per troy ounce. March silver futures rose 0.45% to $21.812 an ounce.

The minutes of the February meeting of the Fed will be published on Wednesday. The document may contain signals about the Fed's future plans regarding the discount rate change.

Fed's policy remains one of the main factors for gold, as it affects the dollar. Gold is sensitive to changes in the value of the US currency: the more expensive the US dollar, the less gold is available for purchase in another currency, and vice versa.