Gold down ahead of Jackson Hole symposium

25.08.2021 - Kulakov Vladimir
Gold down ahead of Jackson Hole symposium

Gold dropped on Wednesday in Asia as the dollar inched upwards. Investors are also looking to the US Federal Reserve’s guidance on asset tapering and interest rate hikes.

Gold futures took a 0.67% loss to $1,796.35 by 12:17 AM ET (4:17 AM GMT). The dollar, typically moving inversely to gold, rose on Wednesday.

The Central Bank will convene for its Jackson Hole symposium, which is set to happen online between August 26 and August 28. The focus will be on whether Fed Chairman Jerome Powell will give a timeline for asset tapering in his speech on August 27.

Some investors wager that the Fed will begin tapering within the year, with Goldman Sachs analysts raising the odds that asset tapering will start in November 2021.

Meanwhile, SPDR Gold Trust holdings had a 0.2% decline to 1,004.63 tons on Tuesday from 1,006.66 tons on Monday.

In related news, silver eased 0.4% to $23.73 per ounce, while platinum and palladium suffered losses of 0.5% and 0.6%, respectively.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?