Gold rises on weakening dollar ahead of release of statistics in US

The price of gold is ascending on Tuesday morning, according to trading data. The depreciation of the dollar supports the prices of the precious metal ahead of the release of statistics on inflation in the US for January, Report informs.

The price of April gold futures on the New York Comex exchange rose by $5.1, or 0.27%, to $1,868.6 per troy ounce. March silver futures rose 0.57% to $21.977 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.19% to 103.15 points. The weakening dollar supports gold prices, making it more affordable to buy in another currency.

Later on Tuesday, markets await US inflation data. Analysts suggest that consumer price growth slowed to 6.2% in January from 6.5% a month earlier. Inflation may slow down for the seventh time in a row, while remaining well above the target of 2%.

Gold is sensitive to US statistics. It affects the monetary policy of the Federal Reserve System, which in turn affects the dollar.