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.