Gold rises in price while USD weakens

The price of gold rose on Monday morning, reaching $1,880 per troy ounce, Report informs.

The depreciation of the US dollar supports the value of the precious metal.

February gold futures on the New York Comex rose $10.25, or 0.55%, to $1,879.95 a troy ounce. March silver futures rose 0.64% to $24.135 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.27% to 103.6 points. The depreciation of the dollar supports the value of gold, which in this case becomes more affordable when buying in another currency.

Markets are also waiting this week for important data from the US, which may have an impact on the dollar and the future policy of the US Federal Reserve System (FRS) on the rate. On Thursday the statistics on annual inflation in the United States in December will be published. Analysts predict that the index continued to decline and amounted to 6.5% after 7.1% in November.