Price of gold falls amid strengthening of US dollar

The price of gold fell under the pressure of the strengthening dollar on Wednesday morning, Report informs.

February gold futures on the New York Comex dropped $5.55, or 0.3%, to $1,846.95 a troy ounce. March silver futures are down 0.58% to $23.758 an ounce.

On Wednesday morning, the price of gold was under pressure from the US currency, which strengthened against a number of others, in particular, against the yen. And the dollar index (the exchange rate against a basket of currencies of six countries - the main trading partners of the United States) increased by 0.02%, to 95.97 points.

Investors are waiting for the decision of the US Federal Reserve, which will be published later on Wednesday. Analysts believe that the regulator will begin to tighten monetary policy and may raise the discount rate soon.

The US dollar, in which gold futures are settled, is able to strengthen on these decisions, and this makes the precious metal less accessible to holders of other currencies.