Gold soars amid weakening dollar

Gold rose on Thursday morning amid weakening dollar, Report informs, citing the trading data.

The price of August futures for gold at New York's Comex rose by $4.45 (0.22%) to $1,984.85 per troy ounce. The September futures for silver dropped 0.08% to $25.367 per ounce.

This is while, the dollar index (the rate to the basket of currencies of the US trade partners) dropped by 0.17% to 100.11 points.

The dollar depreciation makes gold more affordable when buying this precious metal in another currency and vice versa.

Markets are in anticipation of the US Federal Reserve meeting scheduled for July 25-26. According to the CME Group, 99.8% of analysts predict a 25 basis point hike in July to 5.25-5.5%.