Gold holds steady as focus turns to Jackson Hole

Gold steadied on Tuesday after touching a near one-month low in the previous session, as cautious investors weighed economic risks against hawkish signals from Federal Reserve officials ahead of a central bank symposium this week, reports Reuters.
Having slipped in the last six sessions, spot gold was up 0.1 per cent at $1,736.59 per ounce by 1242 GMT. Prices hit $1,727.01 on Monday, their lowest since July 27. US gold futures were little changed at $1,749.10.
US Fed Chair Jerome Powell will address the annual global central banking conference in Jackson Hole, Wyoming on Friday. The speech could signal how high US interest rates will go to tame surging inflation.
"Gold's ability to hold above the key support level of $1,729 has helped attract some bit of fresh buying, but the market will remain quite nervous ahead of Jackson Hole," said Ole Hansen, head of commodity strategy at Saxo Bank.