Gold prices rise amid weakening dollar, expectation of statistics from US

Gold prices rose moderately on January 26 morning, approaching $1,950 per troy ounce, Report informs referring to stock quotes.

Some weakening of the dollar has a positive effect on the cost of the precious metal. Investors are also waiting for important statistics from the US.

February gold futures on the New York Comex rose $4.85, or 0.25%, to $1,947.45 a troy ounce. March silver futures rose 0.12% to $23.97 an ounce.

The dollar is depreciating against the yen by 0.24%. The depreciation of the dollar supports gold quotes, making it more affordable when buying in another currency.

The main focus of the markets is on US GDP statistics, which will be released later on January 26. The data may affect the further actions of the US Federal Reserve on the rate and the dollar.

Analysts suggest that the country’s economic growth in the fourth quarter of last year, according to the first estimate, slowed to 2.6% on an annualized basis (if GDP grew at the same pace for four consecutive quarters) after increasing by 3.2% in the third quarter.