Gold slips after previous day's growth

Gold prices dropped slightly on Wednesday morning after the significant growth on Tuesday.

Report informs citing the trading data that August futures for gold dropped by $1.35 (0.07%) at New York's Comex to $1,979.45 per troy ounce. September futures for silver dropped 0.09% to $23.238 per ounce.

Gold gained 1.25% on Tuesday with the politive dynamics supported by weak macrostatistics data from the United States. The country saw a lower-than-expected increase in retail sales in June and an unexpected decline in industrial production.

The statistics strengthened the expectations that the US Federal Reserve System (FRS) will curtail the cycle of increases after the July increase in the rate. The precious metal is sensitive to signals from the Fed's monetary policy, as it affects the dollar.

At the same time, the dollar index (the exchange rate against a basket of currencies of six US trading partner countries) increased by 0.11% on Wednesday morning, to 100.5 points. The appreciation of the dollar makes gold less affordable when bought in another currency.