Gold rises after US Fed's meeting

The price of gold rose on Thursday morning, as markets are evaluating the results of the meeting of the US Federal Reserve System (Fed), Report informs.

The price of August gold futures on the New York Comex exchange rose by $6.65 (0.34%) to $1,976.75 per troy ounce. September silver futures rose 0.85% to $25.183 an ounce.

The American Central Bank the day before expectedly raised the base interest rate by 25 basis points, up to 5.25-5.5% per annum. Markets are hopeful that the Fed will begin to wind down a long cycle of monetary tightening against the backdrop of a continuing slowdown in inflation. According to CME Group, 78% of analysts expect the Fed rate to remain at the current level in September.