Gold prices rise slightly

Gold prices on May 20 morning slightly changed under the influence of multidirectional factors, Report informs.

The price of June gold futures on the New York Comex exchange rose by $1.01, or 0.05%, to $1,842.95 per troy ounce. July silver futures rose 0.23% to $21.985 an ounce.

The precious metal is stable in price on May 20 morning as investors assess a number of external factors. On the one hand, the uncertainty about the state of the global economy due to the sanctions of a number of countries against the Russian Federation, the coronavirus in China and the surge in inflation in many countries, which supports interest in gold as a safe-haven asset.

On the other hand, the strengthening dollar puts pressure on the price of the precious metal.

Gold, of course, tends to behave differently than more cyclical commodities, and an increase in the discount rate and a strong dollar are a headwind for gold, while a weak risk appetite is a tailwind, the Wall Street Journal reports.