Gold prices stable

Gold prices remained almost unchanged at $1,853 per troy ounce on March 7 morning, Report informs referring to the auction data.

Markets are waiting for the speeches of the head of the US Federal Reserve, which may affect the dollar.

The price of April gold futures on the New York Comex exchange rose by $1.3, or 0.07%, to $1,853.8 per troy ounce. May futures for silver rose 0.16% to $21.168 an ounce.

Fed chief Jerome Powell will speak to Congress on March 7 and March 8. Powell's comments on monetary policy may affect the dollar, which gold is sensitive to.

The US regulator has been raising the key rate since last year due to high inflation, which at the same time increases the risks of a recession. In March, the Fed is expected to raise rates again. Investors will also evaluate the timing of the possible completion of the cycle of increases. At the same time, markets admit that the rate may remain high for a longer time.

Traditionally, monetary tightening has supported the dollar, making gold less available to buy in another currency, and vice versa.