Gold prices fall after meeting of US Federal Reserve

Gold prices on January 27 morning fell significantly after the meeting of the US Federal Reserve System (FRS) and statements about the imminent increase in the discount rate, Report informs.

The price of February gold futures on the Comex New York stock exchange fell by $15.95, or 0.87%, to $1,813.75 per troy ounce. March silver futures fell 1.95% to $23.343 an ounce.

Gold continues to lose ground after the January Fed meeting. Following the results announced on January 26, the Fed said that given inflation and the state of the labor market, it may soon be a good time to raise the refinancing rate. The regulator also confirmed the plan to complete the buyback program of financial assets in the market by March.

Also, the subsequent strengthening of the US dollar makes gold less accessible when buying it in another currency. The American currency is now rising in price against other major global ones, and the dollar index (the dollar exchange rate against a basket of currencies of six countries - the main US trading partners) is growing by 0.7%, to 96.62 points.