Gold rises moderately after falling for five consecutive weeks

Gold prices are rising moderately on Monday amid a depreciation of the dollar, having ended five weeks in a row in the red, MarketWatch writes.

Quotations of August contracts on the New York Mercantile Exchange (NYMEX) in the course of trading rise by 0.3% – up to $1,708.50 per ounce.

Silver for September delivery added 1.1% to $18.80 an ounce.

The fall in prices for precious metals in recent weeks is explained by the growth of the dollar on expectations of a sharp tightening of monetary policy in the United States. In particular, last week the dollar reached parity with the euro.

Demand for gold as a defensive asset is offset by a decrease in the purchasing power of foreign investors, said Andrew Schrage, CEO of Money Crashers. „With such a dollar rate, applications for gold purchases are simply not enough,” he added.

However, on Monday the dollar index, which shows the dynamics of the US currency against the six major currencies of the world, falls by 0.75%, which supported the prices of raw materials in general and precious metals in particular.

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