Gold, Silver Futures Drop, Awaiting for FRS Decision

Precious metal futures tumbled recent days, particularly gold and silver futures. According to official results of trading sessions at COMEX, the gold price fell by 2 per cent to $391 per ounce, which is the two-week lowest level.

The official gold futures for August has been $392,80 (-8,50) per ounce, becoming the lowest price for the week.
Experts emphasize that since June 24, it has been the first time, when the gold price fell below the level of $400.

The tumble was caused by the beginning of meeting of the US Federal Reserves System, and also by the expectations, that the commission will raise the basic dollar rate by 25 points.

Furthermore, euro eased against dollar, from 1,2183 to 1,2178, establishing unprofitable conditions for the non-US investors to buy.

Silver price was down by 0,8 per cent, falling to the lowest level for the week either, as traders were interested much more in silver futures for September delivery rather than July ones.