ReutersGold 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.
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.
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.
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.
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