Gold edges up, trades at $4,700
Gold bars
Gold futures edged higher on Tuesday as investors turned their attention to US inflation data and awaited Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium later this week.
Spot gold touched $4,677.19 an ounce earlier in the session, its highest level since mid-May. UOB said the precious metal was on track for its strongest monthly gain since September 1999, CNBC reported.
TD Securities analysts said in a note that concerns about a weaker dollar could provide strong support for gold in the coming weeks, as the Federal Reserve has given no clear indication that it is prepared to raise interest rates.
Investors are closely watching July’s core Personal Consumption Expenditures (PCE) price index, the Fed’s preferred inflation gauge, due on Wednesday, as well as Warsh’s speech at the Jackson Hole Symposium, which takes place on Aug. 27-28.
|
Changes in Precious Metals Prices |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (December delivery) |
4701.30 |
3.9+ |
+0.10 |
|
Spot Gold |
4626.5 |
(24.7) |
(0.53) |
|
Silver (December delivery) |
68.17 |
(0.43) |
(0.65) |
|
Spot Silver |
68.10 |
(0.831) |
(1.15) |
|
Spot Platinum |
1857.03 |
(18.97) |
(1.05) |
|
Spot Palladium |
1344.7 |
(10.8) |
(0.80) |
Commodity Price
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