Gold falls in price slightly

Gold prices decreased slightly on May 2 morning, reported from the auction data.

The price of June gold futures on the New York Comex exchange fell by $2.35, or 0.12%, to $1,989.9 per troy ounce. July futures for silver fell 0.65% to $25.067 an ounce.

The price of the precious metal is declining ahead of the US Fed's meeting scheduled for May 2-3. The regulator will announce its decision based on the meeting results. According to CME Group, 95% of analysts expect another 0.25 percentage point increase in the discount rate. This will make dollar-denominated securities even more attractive, especially US government bonds as an alternative safe-haven asset to gold.

Investors may also be wary of banking news. On May 1, First Republic Bank was transferred by the California Department of Financial Protection and Innovation to the Federal Deposit Insurance Corporation, which at the same time accepted a bid from JPMorgan Chase to buy the bank’s deposits and assets. Experts assess the situation ambiguously: some say the crisis is nearing completion, and others believe it is not yet over.

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