Markets are waiting for statistics on US GDP.
The price of February futures for gold on the New York Comex exchange fell by $5.85, or 0.3%, to $1,929.55 per troy ounce. March silver futures fell 0.57% to $23.613 an ounce.
At the same time, the US dollar rose 0.25% against the yen. A strengthening dollar puts pressure on gold prices, making gold less accessible when buying in another currency.
An important factor for traders this week is US GDP statistics, which will be published on January 26. Analysts suggest that the country’s economic growth in the fourth quarter of last year, according to the first estimate, slowed down to 2.6% on an annualized basis (if GDP grew at the same pace for four consecutive quarters) after increasing by 3.2% a quarter earlier.
US macro statistics are taken into account by the US Federal Reserve System (FRS) when making decisions on monetary policy. This affects the dollar, to which gold is sensitive.
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