Gold falls in price on estimates of US macro statistics and expectations of Fed decisions

Gold prices declined slightly on April 28 morning, Report informs referring to the auction data.

The price of June futures for gold on the New York Comex exchange fell by $3.85 (0.19%), to $1,994.9 per troy ounce. July silver futures fell 0.04% to $25.198 an ounce.

At the same time, since the beginning of the month, gold prices have increased by 1.26%, the cost of silver have grown by 7.7%, and precious metals are in positive territory for the second month in a row. Thus, the market continues to observe a moderate but steady rise in the price of the precious metal as an asset-shelter in the face of pessimistic macroeconomic forecasts.

The markets are also evaluating the US macro statistics, published the day before. Thus, the US GDP in the first quarter, according to the first estimate, grew by 1.1% in annual terms.

In addition, traders are looking forward to the meeting of the US Federal Reserve System (FRS), which will be held on May 2-3. According to CME Group, over 85% of analysts expect the regulator to raise the discount rate by another 0.25 percentage points.