The price of gold decreases because of the strengthening the US currency and expectations of higher interest rates in the US Federal Reserve this year , as stock exchanges’ data show, reports RIA Novosti. The price of gold in June at the New York Stock Exchange decreased by $ 9 , or for 0.70 %, to 1282.70 dollars per troy ounce . The price of silver in July declined by 0.79 %, to 17.36 dollars per ounce .

The dollar index ( the dollar rate relative to basket of the US trade partners' currencies), rose up by 0.08 % , to 93.14 points. The strengthening of the US currency makes prices of gold in dollars more expensive for investors who have foreign currency.

The rise of the US dollar is linked with the statements the Federal Reserve System representatives about a possible increase of the FRS’s interest rates this year . So , on Tuesday the head of the Federal Reserve Bank ( FRB ) of Atlanta Dennis Lockhart said that the Federal Reserve System might raise rates this year , reports Reuters. At the same time, the head of the Federal Reserve Bank of San Francisco John Williams said that he will support an increase in interest rates at the meeting in June , if there is a progress in the strengthening of economy, inflation, and the labor market.