Gold prices fall under pressure of strengthening dollar

Gold prices fell on February 11 morning under pressure from the strengthening dollar, with investors assessing the prospects for severe action by the US Federal Reserve, reported from the trading data.

The price of April futures for gold on the New York Comex exchange decreased by $12.15, or 0.66%, to $1,825.35 per troy ounce. March silver futures fell 2% to $23.052 an ounce.

The precious metal prices are driven down by the stronger dollar, the index of which (the exchange rate against a basket of currencies of six countries - the main US trading partners) is growing by 0.44%, to 95.97 points.

The rally in the US currency market was caused by data on the record acceleration of annual inflation in the US since 1982, which is likely to push the Fed to raise the base interest rate. Thus, the consumer price index in the country rose to 7.5% in January from 7% in December, against the expected rise to 7.3%.

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