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%.