Gold prices rise slightly after publication of US GDP statistics

Gold prices on June 28 morning didn’t show any pronounced dynamics, Report informs referring to the auction data.

The price of August futures for gold on the New York Comex exchange rose by $0.65 (0.03%) to $1,924.5 per troy ounce. July futures for silver rose 0.06% to $22.973 an ounce.

An important factor for traders this week is US GDP statistics for the first quarter, which will be published on June 29. Analysts suggest that according to the third, final estimate, the GDP growth rate will be improved to 1.4% in annual terms (if GDP grew at the same pace for four consecutive quarters). In the fourth quarter of last year, US GDP grew by 2.6% on an annualized basis.

At the same time, the dollar exchange rate is generally stable, affecting the dynamics of the price of gold. Thus, the dollar index (the exchange rate against a basket of currencies of six US trading partners) is growing by 0.07%, to 102.57 points. The cheaper the dollar, the more accessible gold becomes to buy in another currency, and vice versa.