Gold rising in price amid falling US dollar rate

The gold price is growing against the background of the depreciation of the US dollar, Report informs referring to the auction data.

The price of February futures for gold on the Comex New York stock exchange rose 0.36%, or $6.50, to $1,791.25 per troy ounce.

At the same time, the US dollar index (the dollar’s exchange rate against a basket of currencies of six countries - the main trade partners of the US) decreased by 0.21%, to 96.17 points.

However, market expectations are growing that the US Federal Reserve will accelerate the rollback of asset purchases and raise the base rate next year amid high inflation, the Wall Street Journal reports. This might lead to a strengthening dollar, making gold less profitable for holders of other currencies.

The next meeting of the regulator is scheduled for December 15.