Gold remains firm ahead of central bankers’ speeches

New York (Aug 26)  Gold remained firm on Friday after US Federal Reserve Chair, Janet Yellen made no mention of monetary policy in her much-anticipated speech, while investors awaited clues from European Central Bank President, Mario Draghi.

 Draghi is scheduled to speak at the Jackson Hole central bankers’ meeting at 1900 GMT. Monday is a bank holiday in the United Kingdom.

 Spot gold was up 0.5% at USD 1,292.14 an ounce, on track to close the week up 0.6%. While, US gold futures settled up 0.5% at USD 1,297.90.

 US short-term interest rate futures rose slightly, reflecting reduced expectations that the US Federal Reserve’s will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming.

HFL