On Wednesday,the gold price is rising against the background of investors’ expectations that the USAFederal Reserve System will not raise the interest rates at its next meeting in September; according to auction data the price of the precious metal has reached its highest level since August 5. As of 09.15 MSK the price of the December gold futures on the New York Stock Exchange Comex rose by $ 2, or by 0.15%, to$ 1356 per troy ounce, earlier reaching heights of $1357.45 per ounce, which was the maximum since August 5. While the price of the December silver futures decreased by 0.26% - to $20.09 per ounce. Investor sentimentwas affected by weak statistical data from the USA. The country’s services PMI fell to 51.4% from the July figure of 55.5% in August. Analysts had expected a decrease in the index only by 55%. In addition, in August the employment index in the sector fell to 50.7% from 51.4% of the previous month. Gold prices are kept down by the comments of John Williams,Head of the Federal Reserve Bank of San Francisco. On Tuesday he said that the Fed should raise rates gradually during the next few years. According to Williams, it is necessary to return to the practice of raising interest rates, and the sooner the better.
Source: Uncommercial joint ownership "Trans-regional Association of precious metals producers"