Gold Price Hits 4-week Low As Fed Hawks Squawk

Washington (Aug 25)  Gold futures continued to fall Thursday amid speculation that Fed Chair Janet Yellen will echo hawkish remarks from her colleagues.

Yellen speaks to other central bankers from the Jackson Hole symposium tomorrow.

Today, KC Fed President Esther George said its time to raise interest rates.

Dec. gold settled at USD1,324.60/oz, down USD5.10, or 0.4%, the lowest in four weeks.

Traders considered some upbeat US economic data.

After reporting a steep drop in new orders for US manufactured durable goods in the previous month, the Commerce Department released a report on Thursday showing that durable goods orders rebounded by more than expected in the month of July.

The Commerce Department said durable goods orders surged up by 4.4% in July after tumbling by a revised 4.2% in June.

Source: AllianceNews