News Column

Gold Halts Slide Ahead Of Yellen At Jackson Hole

August 22, 2014

WASHINGTON (Alliance News) - Gold prices are edging higher, rebounding after five successive days of losses, ahead of speeches from US Federal Reserve Chair Janet Yellen and ECB President Mario Draghi, due later this morning.

Some bargain hunting after recent losses and slightly weak European markets are contributing to the bullion's modest upmove.

Traders are awaiting speeches from top bankers, including the Fed Chair Janet Yellen and European Central Bank President Mario Draghi at the Fed's annual Jackson Hole symposium this morning.

Gold futures for December are up USD6.60 or 0.52% at USD1,282.00 an ounce.

On Thursday, Gold futures tanked to a two-month low, ending down USD19.80 or 1.5% at USD1,275.40, extending losses to a fifth straight session. Gold declined amid speculation the US Federal Reserve might begin monetary tightening sooner than expected on the back of a slew of upbeat economic data.

Already, the minutes of the Federal Reserve's recent policy meeting hinted at fierce debate over interest rates with some Fed voters favoring a hike sooner than earlier forecast.

According to data released by the US Labor Department on Thursday, initial jobless claims fell more than expected in the week ended August 16th. Existing home sales rose much more than economists forecasts.

Silver for September is up USD0.108 or 0.56% at USD19.523 an ounce. Meanwhile, copper is up USD0.025 or 0.78% at USD3.201 per pound.

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Source: Alliance News

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