Gold prices fall after noticeable increase last week

Gold prices on August 1 morning fell after a noticeable rise in price last week, SİA informs referring to the auction data.

The price of December futures for gold on the New York Comex exchange fell by $5.8, or 0.33%, to $1,776 per troy ounce. September silver futures fell 0.44% to $20.108 an ounce.

Over the entire past week, gold has risen in price by more than 3%, and this was the strongest weekly increase since winter, when the precious metal rose by 4.2% in five days in late February - early March.

The price of gold is slightly corrected in the absence of significant factors after it received significant support at the results of the meeting of the US Federal Reserve System (FRS). Comments from the head of the regulator, Jerome Powell, and initial data indicating a recession in the US, indicate a possible softer approach to monetary policy by the Fed in the near future, which reduces the impact on the precious metals markets.

Following the July meeting, the regulator raised the rate at the same pace as in June - by 75 basis points, to 2.25-2.5% per annum. According to the CME Group, 70% of analysts expect this rate to increase by 50 basis points in September.

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