Gold prices rose against the backdrop of a cheaper dollar on May 23 morning, Report informs.

The price of June gold futures on the New York Comex exchange rose by $11.34, or 0.62%, to $1,853.43 per troy ounce. July futures for silver rose 0.95% to $21.878 an ounce.

Support for the precious metal on May 23 morning is provided by the dollar index, which is reduced by 0.43% to 102.7 points. A cheaper dollar makes gold a better buy.