Gold slightly falls in price before US statistics release

Gold prices on October 13 morning fell slightly in anticipation of data on inflation in the US, Report informs.

The price of December futures for gold on the New York Comex exchange fell by $1.4, or 0.08%, to $1,676.1 per troy ounce. December silver futures rose 0.06% to $18.95 an ounce.

Analysts predict that price growth in the US slowed down to 8.1% in September from 8.3% a month earlier, this will become known later on October 13. Inflation in the country since the beginning of the year has not fallen below 7.5%, while the target level of the Federal Reserve System (FRS) is 2%.

To combat inflation, the Fed raises the discount rate following each of its last meetings. New data on the dynamics of consumer prices may influence its policy in the future.

Gold is sensitive to signals from the Fed, which affect the dollar exchange rate. An increase in the refinancing rate is positive for the US currency, and is negative for gold, since in this case the precious metal becomes less available for purchase in another currency.