Gold prices fall amid strengthening dollar and Fed signals

Global gold prices began to fall amid a strengthening dollar and signals from the Federal Reserve System (FRS) that interest rates could be raised. The decline in prices is evidenced by trading data on the Comex exchange.

Spot prices for the precious metal have dropped 1.4 percent since the beginning of the week. In Friday trading they fell 1 percent to $4,167.07 per ounce. Contracts for the supply of gold in August on the stock exchange became cheaper by 1.5 percent, to $4,181.8 per ounce.

Recently, gold quotes have reached several lows. First, the cost of the precious metal dropped below 4.3 thousand dollars, then below 4.2 thousand, and then below 4.1 thousand. Currently, gold is traded on the stock exchange at around 4.33 thousand dollars per troy ounce.

On June 18, the Federal Reserve System (FRS), which performs the functions of the Central Bank in the United States, did not reduce the discount rate at the first meeting after the change of leadership, leaving it at the level of 3.5-3.75 percent. As follows from the regulator's press release, the decision was made unanimously - 12 votes out of 12.