Gold prices decline after previous rise

Gold prices fell slightly on February 3 morning after rising by 0.5% Wednesday on weakening dollar following the release of lower statistical indicators for the United States, Report informs referring to the auction data.

The price of April gold futures on the New York Comex exchange fell by $3.4, or 0.19%, to $1,806.9 per troy ounce. March silver futures fell 0.62% to $22.567 an ounce.

The dollar index (the exchange rate against a basket of currencies of six countries - the main trading partners of the US) decreased by 0.5% on February 2, and a cheaper dollar makes gold more accessible to investors who own other currencies. Gold rose by 0.5%, respectively, a day earlier.

The weakening of the dollar followed the release of lower macroeconomic data for the United States. The number of workplaces in private US companies fell by 301,000 in January, compared with an expected 207,000 growth, according to analyst firm Automatic Data Processing (ADP).

Analysts note geopolitical risks as a basic factor supporting gold prices, as the precious metal is traditionally viewed as a more reliable asset. At the same time, experts believe that gold will remain above $1,800 per ounce, and the resistance level is expected at $1,820-1,830.