Gold rises slightly on expectations of Fed's decision

Gold rose slightly on Tuesday morning ahead of the upcoming meeting of the US Fed Reserve, Report informs, citing the trading data.

The price of August futures for gold on the New York Comex exchange increased by $1.15, or 0.07%, to $1,720.15 per troy ounce. September silver futures rose 0.4% to $18.402 an ounce.

According to Nicholas Frappell, head of the professional investor market at ABC Refinery, as quoted by Market Watch, traders are waiting for the Fed's decision, which, according to forecasts, will raise the discount rate by another 75 basis points.

This decision will somehow affect the macroeconomic indicators of the United States, as well as on a global scale, and, above all, it may affect the dollar exchange rate, which also affects world gold prices.