 "Gold inches higher as dollar softens ahead of Jerome Powell's speech")
Gold prices edged higher on Thursday as the dollar slipped, while investors looked forward to a speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for clues on interest rate hikes and the health of the economy.
FUNDAMENTALS
* Spot gold was 0.1% higher at $1,753.01 per ounce, as of 0110 GMT.
* U.S. gold futures were up 0.3% at $1,766.
* The dollar ticked 0.2% lower, making gold less expensive for buyers holding other currencies, while benchmark U.S. 10-year Treasury yields held near multi-week highs hit in the previous session. [USD/] [US/]
* Investors are bracing for the Fed to double down on its commitment to crushing inflation, and expect Powell at the annual central bank gathering in Wyoming this week to deliver an aggressive tightening message and dash hopes for a rate cut next year.
* Higher interest rates increase the opportunity cost of holding non-yielding bullion while boosting the dollar.
Also Read
* New orders for U.S.-manufactured capital goods increased in July, but the pace slowed from the prior month, while solid gains in shipments were also recorded in another sign that the economy continues to grow at a slow pace and was not in recession.
* Spot silver eased 0.2% to $19.13 per ounce, platinum inched down 0.1% to $876.16, and palladium rose 0.5% to $2,044.19.
DATA/EVENTS (GMT)
0600 Germany GDP Detailed QQ SA, YY NSA Q2
0645 France Business Climate Mfg, Overall Aug
0800 Germany Ifo Business Climate New Aug
0800 Germany Ifo Curr Conditions New Aug
0800 Germany Ifo Expectations New Aug
1000 France Unemp Class-A SA July
1230 US GDP 2nd Estimate Q2
1230 US Initial Jobless Clm Weekly
(Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu Sahu)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)