Gold settles ahead of US Reserve Word

Release date:: 2019/8/22 12:46

Gold prices held steady above $ 1,500 on Thursday as investors awaited a speech by Federal Reserve Chairman Jerome Powell at a meeting of global central banks to pick up any signs of future US interest rates cut.

Spot gold settled at $ 1502 an ounce by 0612 GMT.

US gold futures fell 0.3% to $ 1510.90 an ounce.

Markets are currently focused on Powell’s speech in Jackson Hole on Friday to seek to clarify the course of US monetary policy, especially after a reversal in the yield curve of US Treasury bonds highlighted the risk of a recession in the US economy.

The minutes of the July meeting of the US central bank, released on Wednesday, showed policymakers split over interest rate cuts, but were united in their desire to give the impression that they were not on track to further cuts.

Among other precious metals, spot silver fell 0.2% to $ 17.07 an ounce, while platinum lost 0.5% to $ 848.60 an ounce.

Palladium was down 0.9% at $ 1458.52 an ounce

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