Gold prices just above $1,790

Gold prices showed stability on December 13 morning and remained at a level slightly above $1,790 per troy ounce reported from the auction data.

Markets are awaiting the release of statistics on inflation in the US, as well as a meeting of the US Federal Reserve System (FRS).

The price of February futures for gold on the New York Comex exchange rose by $0.25, or 0.01%, to $1,792.55 per troy ounce. March silver futures rose 0.83% to $23.598 an ounce.

Markets are cautious ahead of the release of US inflation statistics for November. Experts expect the rate to decline to 7.3% from 7.7% in October. The decline could be the fifth in a row, while inflation is still well above the target of 2%.

Also, investors are waiting for the Fed meeting, which is scheduled for December 13-14. The regulator may raise the rate by 50 basis points after four increases by 75 basis points, to 4.25-4.5% per annum.

The actions of the Fed affect the dollar, which, in turn, affects the price of gold. Hawkish sentiment has traditionally supported the dollar, making gold less available to buy in another currency.

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