Gold prices rise slightly

Gold prices rose slightly on February 4 morning, trying to gain a foothold above $1,800 an ounce, Report informs referring to the auction data.

The price of April gold futures on the New York Comex stock exchange rose $3.55, or 0.2%, to $1,807.65 a troy ounce. March silver futures rose 0.59% to $22.508 an ounce.

The dollar has recently been depreciating against other major world currencies such as the euro and the yen. The dollar index (the exchange rate against a basket of currencies of six countries - the main trading partners of the US) since the beginning of the week may show a decrease of 2% - the worst dynamics since March. With the depreciation of the dollar, the precious metal becomes more accessible to investors who own other currencies.

At the same time, investors are not yet very active in buying gold, since the yield of an alternative in the market of ‘safe’ investments - ten-year US Treasuries - rose on February 3 to 1.836% from 1.771%, and the indicator continues to grow now - up to 1.847%.

Traders’ attention will also be focused on macro statistics from the US: regarding unemployment for January, which will be published on February 4, as well as data on inflation in the country, which will be published later.

Gold is likely to hover around the $1,800 mark, but if next week’s inflation report comes in better with an annual rate above 7.3%, a sell-off could take gold to January lows, analysts said.