Gold prices fall amid Fed chief’s statements

Gold fell in price on June 22 morning, for the fourth day in a row, Report informs referring to the auction data.

The price of August futures for gold on the New York Comex exchange fell by $5.55 (0.29%) to $1,939.35 per troy ounce. July silver futures fell 1.17% to $22.543 an ounce.

Prices for the precious metal are falling for the third day in a row, since the beginning of the week they have fallen by 1.42%. Investors continue to evaluate the comments of Chairman of the Federal Reserve System (FRS) Jerome Powell.

On June 21, as part of his speech to Congress, he noted that since the middle of last year, inflation somewhat slowed, while noting that inflationary pressures remain high. He also noted that almost all members of the Federal Open Market Committee consider it expedient to raise the rate by the end of the year.

Following the June meeting, the Fed kept the base interest rate at the level of 5-5.25%. According to the CME Group, about 71.9% of analysts predict that the US Federal Reserve will raise the rate at its meeting in July to 5.25-5.5%.