Gold rises in price amid weakening US dollar

Gold prices rose against the background of the depreciating US dollar, with investors focusing on the decision of the US Federal Reserve System (FES) on the discount rate, Report informs, referring to the auction data.

The price of August gold futures on the New York Comex stock exchange rose 0.54%, or $9.15, to $1,712.54 per troy ounce.

The precious metal is increasing in price against the background of a weak dollar exchange rate, the index of which (the dollar exchange rate against a basket of currencies of six countries - the main trading partners of the US) decreased by 0.15% to 107.91 points.

The next meeting of FES will be held next week. Analysts believe the discount rate will increase by 75 basis points to 2.25-2.5% at the meeting.