Gold rises slightly amid upcoming US Fed decision

Gold prices rose slightly on October 24 morning, as the markets are waiting for the next action from the US Federal Reserve (Fed), Report informs referring to the auction data.

The price of December futures for gold on the New York Comex rose by $3.5, or 0.21%, to $1,659.75 per troy ounce. December futures for silver rose 1.2% to $19.293 an ounce.

The price of gold rises weakly on October 24 morning, while the main attention of the markets is turned to the further actions of the Fed. According to the CME Group, 90.5% of experts predict that the Fed will again raise the discount rate by 0.75 percentage points in November, to 3.75-4% per annum.

At the same time, the rising dollar has a restraining effect on the growth in the cost of gold, since the more expensive the US currency, the more unavailable gold is for buying in another currency.

Thus, the dollar against the yen increases to 148.91 yen from 147.64 yen at the close of the last trading session. The euro exchange rate against the dollar at the same time is falling to $0.9843 from the level of the last close of $0.9860. The dollar index (the exchange rate against a basket of currencies of six US trading partners) increased by 0.1%, to 112.1 points.