Gold shows moderate rise in price

The price of gold rose slightly on Wednesday morning, exceeding $1,650 per ounce, while in the foreign exchange market, the US dollar is losing ground against other major world currencies in anticipation of the completion of the meeting of the US Federal Reserve System (FRS), Report informs.

December futures for gold on the New York Comex rose $3.95, or 0.24%, to $1,653.65 a troy ounce. December futures for silver rose 0.03% to $19.672 an ounce.

The US dollar is now noticeably cheaper against other major world currencies, which, in the absence of other significant factors, may push gold prices up. The precious metal traded in the US dollar, in this case, becomes more accessible to investors who own any other currency.