Gold is getting cheaper again Monday morning, with the strengthening of the dollar against the yen and hawkish signals from the U.S. Federal Reserve (Fed) holding back quotations, trading data showed.

The price of December gold futures on the Comex New York exchange was down $5.1, or 0.29%, to $1,757.8 a troy ounce. September silver futures went down by 0.61% to $18.953 an ounce.

Gold is getting cheaper in 2022

The dollar-yen exchange rate is rising by about 0.2% and its strengthening makes gold less available for purchase in another currency. Meanwhile, the dollar index (the exchange rate against a basket of currencies of six U.S. trading partners) strengthened 2.4% last week, rising above 108 points.

At the same time, markets are waiting for the Fed’s rate signals. Thus, investors are waiting for the economic conference in Jackson Hole this week, where Fed Chairman Jerome Powell will speak. Markets are hoping to get more hints from the regulator’s chairman about economic forecasts and monetary policy plans.

According to the CME Group, analysts expect a 50 basis point and 75 basis point rate hike – 54% and 46% of experts, respectively – from the current 2.25-2.5% annual rate.

Earlier, we reported that current prices of non-ferrous metals rose in Asia.