Gold price sharply declines amid strengthening of the US dollar

Gold prices significantly decreased on Friday due to the rise in the US dollar exchange rate, reports "Interfax".

According to data at 19:28 (Baku time), August gold futures on the Comex exchange fell by 1.2%, amounting to $3331.4 per troy ounce.

The strengthening dollar makes precious metals less attractive to investors who hold other currencies. The American currency is supported by optimism surrounding the possible imminent conclusion of a trade agreement between the US and the European Union.

An additional factor of stability was the statement by President Donald Trump, who emphasized the absence of tension in relations with Fed Chairman Jerome Powell and stated that he sees no grounds for his dismissal.