Gold rises on weakening dollar

Gold prices increased by around 0.6% on April 27 morning buoyed by the weakening dollar, as markets are waiting for the important statistics from the United States, Report informs referring to the auction data.

June gold futures on the New York Comex exchange rose by $12.25 (0.61%) to $2,008.3 per troy ounce. July silver futures rose 1.05% to $25.332 an ounce.

This is while the dollar index - the exchange rate against a basket of currencies of six US trading partners - fell by 0.09% to 101.37 points. The dollar depreciation makes gold more affordable to buy in another currency.

Markets are also awaiting statistics on US GDP. The data will be published later on April 27. Analysts suggest that the first estimate will show the country’s GDP growth in the last quarter by 2% in annual terms (if GDP grew at the same pace for four consecutive quarters) after increasing by 2.6% a quarter earlier.