Gold prices fall slightly

Gold prices fell 0.34% or $5.7 on October 11 morning, Report informs referring to the auction data.

The price of December futures for gold on the New York Comex exchange fell to $1,669.5 per troy ounce. December silver futures fell 1.06% to $19.407 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) rose by 0.24% to 113.42 points. A more expensive dollar curbs demand for gold, which then becomes less accessible to investors holding other currencies.

Market attention is drawn to data from the US. On October 12, the Federal Reserve (Fed) will publish the minutes of the September meeting, in which investors hope to find a hint on the future policy of the regulator, as well as an assessment of the economic situation.

On October 13, statistics on annual inflation in the US will become known. Analysts expect it to slow down to 8.1% from 8.3% in August. Price growth may show a decrease for the third month in a row, while since the beginning of the year the indicator has not fallen below 7.5% with a target level of 2%.

Analysts generally do not consider the possibility that the pace of rate hikes could be slowed down. According to the CME Group, 78% of experts predict a 75 basis points increase in November to 3.75-4% per annum. The rate was raised at the same pace in June, July and September. Traditionally, the rate hike supports the dollar, which is negative for gold.