Gold prices rise ahead of Fed’s decision on discount rate

Gold prices rose slightly on June 8 morning, while the markets are waiting for the decision of the US Federal Reserve System regarding the discount rate, Report informs referring to the auction data.

The price of August gold futures on the New York Comex exchange increased by $2.2 (0.11%) to $1,960.6 per troy ounce. July futures for silver rose 0.62% to $23.675 an ounce.

Markets are looking forward to the Federal Reserve meeting on the discount rate, which will be held next week, June 13-14.

According to CME Group, 66.7% of analysts predict that the regulator will keep the rate at the current level of 5-5.25%, in line with the May statement by Fed Chairman Jerome Powell, who warned of a possible pause in rate hikes. The rest of the analysts expect the Fed to still raise the rate by 25 basis points, to 5.25-5.5%.