Gold prices fall slightly

Gold prices on October 14 morning fell to below $1,675 per troy ounce, with the decline likely to exceed 2% since the start of the week, Report informs referring to the auction data.

The price of December futures for gold on the New York Comex exchange fell by $3.75, or 0.22%, to $1,673.25 per troy ounce. December futures for silver rose 0.13% to $18.942 an ounce.

Since the beginning of the week, gold has shown a decline of 2.1%, as markets expect the US Federal Reserve (Fed) to continue to tighten monetary policy. This situation traditionally supports the dollar, the appreciation of which makes gold less available for purchase in another currency.

On October 13, statistics on inflation in the US was published, which showed a weaker-than-expected slowdown in September. Markets expected the figure to fall to 8.1% from 8.3%, while it was 8.2%.

As a result, according to the CME Group, now 98% of analysts are considering a 75-basis point rate hike in November, to 3.75-4% per annum, compared to 80% of analysts the day before.