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Gold Prices Down Ahead of Jackson Hole Symposium, Powell Speech

© Reuters.

Investing.com – Gold prices were down on Tuesday in Asia as traders awaited the upcoming Jackson Hole Symposium in Wyoming and a speech by Federal Reserve Chairman Jerome Powell.

for December delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.4% at $1,505.55.

The fall came after U.S. Commerce Secretary Wilbur Ross confirmed overnight that Washington will extend for another 90 days a license that allows China’s Huawei Technologies Co. to temporarily continue doing business with U.S. companies. The news eased trade tension between China and the U.S., sending stocks higher today while the safe-haven gold retreated.

The Fed’s annual gathering of central bankers and policymakers from Thursday through Saturday is expected to be in focus as it would provide fresh clues on when the next U.S. rate cut will be.

Ahead of the Wyoming event, the Fed on Wednesday will publish minutes of its July 30-31 meeting. Powell’s speech on Friday will be also be a highlight for this week.

The European Central Bank will also report its July minutes on Thursday, a day after the Fed’s.

Barani Krishnan, senior commodity analyst at Investing.com, noted a slowdown in gold’s recent rally and said investors were waiting for more signs of central bank easing, potentially from the Jackson Hole event, before committing to fresh long positions.

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Source: Investing.com