Gold trading below $1,680

Gold prices fell on September 23 morning, trading below $1,680 per troy ounce, and after a series of rate hikes by global central banks, prices may decline for the second week in a row, Report informs referring to the auction data.

The price of December futures for gold on the New York Comex exchange fell by $4.05, or 0.24%, to $1,677.05 per troy ounce. The cost of the precious metal may show a decline for the second week in a row - by 0.4% after 2.6% the week before. December silver futures fell 0.11% to $19.595 an ounce.

This week, a number of world Central Banks raised their discount rates. Thus, the US Federal Reserve System (FRS) raised the rate by 75 basis points, up to 3-3.25% per annum, the Bank of England - by 50 basis points, up to 2.25%, the Swiss National Bank (SNB, central bank) - by 75 basis points to 0.5% per annum, setting a positive discount rate for the first time since 2014.