Gold holds steady as investors focus on Jackson Hole symposium
Gold held steady on Wednesday, with gains
checked by an uptick in the U.S. dollar, as market participants
looked forward to a speech from Federal Reserve Chair Jerome
Powell later this week.
* Spot gold was little changed at $1,746.60 per
ounce, as of 0126 GMT, after rising 0.7% in the previous
* U.S. gold futures eased 0.2% to $1,758.20.
* The dollar rose 0.2% against its rivals, making
gold more expensive for buyers holding other currencies.
* Benchmark U.S. 10-year Treasury yields were hovering near
a more than one-month high hit in the previous session.
* Focus turns to Powell’s speech at the annual global
central banking conference in Jackson Hole, Wyoming on Friday
for more clarity on future interest rate hikes.
* The U.S. central bank has raised its benchmark overnight
interest rate by 225 basis points in total since March to
contain inflationary pressures.
* Data showed sales of new U.S. single-family homes plunged
to a 6-1/2-year low in July, while a survey from S&P Global
showed its measure of private sector business activity fell to a
27-month low, suggesting Fed efforts to tame inflation were
* Higher interest rates increase the opportunity cost of
holding non-yielding bullion.
* Business activity in the euro zone contracted for a second
straight month in August as the cost of living crisis forced
consumers to cut spending while supply constraints also hurt
manufacturers, a survey showed.
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.32% to 984.38
tonnes on Tuesday from 987.56 tonnes on Monday.
* Spot silver fell 0.4% to $19.08 per ounce, platinum
was steady at $879.72, and palladium rose 0.8% to
1230 US Durable Goods July
(Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu
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