Quotes of gold fell slightly today, but remained near two-week high. The relative stabilization of prices is related to the uncertain prospects of higher interest rates the Fed in the coming months.

Yesterday the head of the US Federal Reserve Yellen gave a largely upbeat assessment of the US economic outlook and noted that the regulator will raise interest rates gradually, without naming specific terms increase. Also, the Fed chief added that investors should not place too much focus on the weak statistics on the labor market. "If the situation in the labor market improves, inflation close to the target level, it would be appropriate to raise rates gradually. If inflation remains low, the Fed can only take limited measures to stimulate in the background of almost zero interest rates. Now the soft monetary policy remains appropriate" - he explained Yellen. Now investors expect the Fed next week will keep rates unchanged, and many continue to believe that at the meeting in July, rates will remain at the same level. Today futures on interest rates Fed indicate that the probability of a rate hike of 2% in June. The chances of an increase in rates are estimated at 23% in July. Recall, the higher interest rates in the US have a negative impact on the price of gold, since lead to a stronger dollar, which trades precious metals. This makes the purchase of gold more expensive for holders of other currencies.

After the fall of 6% in May, against the background of "hawkish" statements by Fed officials, gold prices rose this month by about 2.4%, since the probability of the Fed raising interest rates decreased significantly, especially after the publication of weak data on the US labor market for May.

Gold reserves in the largest gold ETF-fund SPDR Gold Trust fell on Monday by 0.03 percent and amounted to 881.15 tons.

The cost of the August gold futures on the COMEX fell to $ 1241.0 per ounce.