Gold increased the decline amid news from the Fed

Gold prices accelerated the pace of decline after the news from the US Federal Reserve System. The regulator announced the decision to nominate Jerome Powell to the post of head of the Fed again. 

This news provided significant support to the US dollar exchange rate.  As a result, the dollar index (the dollar's exchange rate against a basket of currencies of six countries – the main trading partners of the United States) jumped to the highest level since July 2020 at 96.47 points. Against this background, the price of gold fell to $1.820 per ounce. 

Additional pressure on the precious metal is also exerted by expectations that the Fed may move to tighten its monetary policy much earlier – especially against the background of accelerating inflation in the country to 30-year highs.

Palladium fell to $1,968.50 per ounce, silver fell to $24,343, and the cost of platinum fell to 1,023.25.