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- Gold price fell slightly
Gold price fell slightly
Gold remained almost unchanged, as investors tried to assess the likelihood of interest rate hike by the Federal Reserve later this year.
The volume of trading in the market after a strong growth in recent days have been reduced, as investors' expectations about the Fed raising US interest rates decreased, said William Adams of FastMarkets.
"I think, on this background, the dollar weakened giving the necessary support for gold," - said the analyst. If expectations of rising interest rates will continue to decrease, the price of gold may continue to rise, he said.
Fed officials have previously made it clear that this year the interest rates may be increased twice. However, weak economic data last week has convinced market participants that the central bank is unlikely to raise interest rates in the short term.
Investors are also awaiting the outcome of the meeting of the European Central Bank, which will end on Thursday. Analysts generally do not expect announcements of further measures to stimulate the European economy. Soft monetary policy usually provides support to gold
The cost of the October futures for gold on the COMEX fell to $ 1343.5 per ounce.
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