Gold holds steady as investors focus on Jackson Hole symposium


Article content

Gold held steady on Wednesday, with gains

checked by an uptick in the U.S. dollar, as market participants

Article content

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

Article content

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



Source link

Comments are closed.