Gold prices rising

Gold prices on January 28 morning rose after falling by 2% a day earlier, which was associated with the strengthening of the US dollar, Report informs.

The price of February gold futures on the New York Comex stock exchange rose by $4.3, or 0.24%, to $1,797.4 per troy ounce. March silver futures rose 0.34% to $22.753 an ounce.

On January 27, the US dollar index (the exchange rate against a basket of currencies of six countries - the main trading partners of the United States) rose by 1.4%, the indicator reached 97.29 points, which is the highest value since July 3, 2020. A stronger dollar makes gold less affordable when bought in another currency. As a result, gold lost 2% of its value, which fell below $1,800 per ounce.

The strengthening of the dollar was followed by strong macroeconomic statistics in the US. Thus, the US GDP in the fourth quarter of 2021, according to the first estimate, grew by 6.9% on an annualized basis (if GDP grew at the same pace for four consecutive quarters), the forecast assumed an increase of 5.5% in the last quarter. In addition, the number of initial claims for unemployment benefits in the United States for the week to January 22 decreased by 30,000 and amounted to 260,000.