Gold prices fall on dollar strengthening ahead of US statistics

Gold prices fell on May 25 morning. At the same time, the dollar rose against world currencies before the release of statistics on the US economy, Report informs referring to the auction data.

The price of June gold futures on the New York Comex exchange fell by $6.9 (0.35%) to $1,957.7 per troy ounce. July silver futures fell 0.43% to $23.14 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.15% to 104.04 points. The indicator has been growing for three trading sessions in a row. A stronger dollar makes gold less available to buy in another currency.

Later on May 25, investors are waiting for statistics on US GDP, which may affect the dollar. According to experts, the US Treasury will keep the second estimate at the level of the first, which showed the growth of the American economy in the first quarter by 1.1% on an annualized basis (if GDP grew at the same pace for four consecutive quarters).

Markets also paid attention to the minutes of the May meeting of the US Federal Reserve System (FRS). According to the document, the participants of the meeting believe that a further increase in the discount rate of the regulator has become less appropriate.