Gold prices hover around $1,700 per troy ounce

The price of gold on Tuesday morning did not change, remaining at the level of 1,700 dollars per troy ounce. Traders' attention is focused on the measures of world central banks on rates amidst high inflation.

The price of August futures of gold on the New York Comex exchange fell by $2.7, or 0.16%, to $1,707.5 per troy ounce. September silver futures fell 1.13% to $18.628 an ounce.

The monetary policy of the world's central banks in the face of high inflation remains the main topic in the markets. Central banks are inclined to raise rates to curb price growth, which simultaneously increases market fears about a possible recession. Gold traditionally acts as an inflationary hedge and a more reliable asset.

The European Central Bank (ECB) will announce its rate decision on Thursday. Analysts believe that the regulator will raise the rate for the first time since 2011; the ECB announced plans to increase the rate in June.

The next two-day meeting of the US Federal Reserve System (FRS) will take place next week.

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