Gold down, investors cautious, ahead of Fed symposium

26.08.2021 - Korneychuk Evgeniya
Gold down, investors cautious, ahead of Fed symposium

Gold fell on Thursday in Asia, with investors treading lightly ahead of a US Fed symposium that could give clues on the timeline for asset tapering.

Gold futures edged down 0.10% to $1,789.15 by 12:16 AM ET (4:16 AM GMT). The yellow metal’s futures dropped 0.7% in the previous session, the largest one-day decline in over two weeks.

The Central Bank’s Jackson Hole symposium will open within the day, with Fed Chairman Jerome Powell delivering a speech on Friday. Despite the increasing number of Fed officials signaling that asset tapering could begin earlier than expected, outbreaks of the COVID-19 globally continue to darken the economic outlook and cast doubts on this view.

Meanwhile, SPDR Gold Trust holdings inched down 0.3% to 1,001.72 tons on Wednesday, the lowest level since April last year.

In other precious metals, silver barely moved at $23.85 per ounce. Platinum took a 1% plunge, and palladium plummeted by 1.5%.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?