Gold eased on Friday and was set for its worst week in nearly five months, as lack of clarity from U.S. Federal Reserve on the outlook for interest rate cuts triggered investors to cash in some gains ahead of Jerome Powell's speech at Jackson Hole.
Spot gold was down 0.3% to $1,494.60 per ounce as of 0400 GMT.
The metal has lost nearly 1.3% so far this week, on track for its biggest weekly percentage decline since March 29.
U.S. gold futures slipped 0.3% at $1,504.20 an ounce.
The market is closely watching Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day (1400 GMT) for clarity on monetary policy after minutes of the U.S. central bank's July meeting tempered hopes of aggressive rate cuts.
"There is no clear direction on what the Fed is doing, so people are on the sidelines until they hear concrete answers," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
"Some people are taking out profits off the table," he added.
Underscoring divisions within the Fed, two central bank officials said on Thursday the U.S. economy does not need more stimulus at this point while another said he was "open-minded."
For Quick Trial – 62329-95233 |
or mail us here: info@thegrssolution.com
or visit www.thegrssolution.com
✆ -0731-4974186
0 Comments