Gold edged down on a stronger dollar on Friday, but was range-bound as investors braced for Federal Reserve Chair Jerome Powell's remarks at Jackson Hole for interest rate cues, reports Reuters.
Spot gold fell 0.2 per cent to $1,914.19 per ounce by 09:39 a.m. EDT (1339 GMT). US gold futures shed 0.3 per cent to $1,941.80.
Pressuring gold, the U.S. dollar rose en route to its sixth straight weekly rise.
But zero-yield gold was still bound for a 1.3 per cent gain so far this week, which would be its best in six, as benchmark 10-year Treasury yields lost all weekly gains.
Investors wait for chair Powell's speech at 10:05 a.m. EDT at the Jackson Hole Economic Policy Symposium.
"I don't think (Powell) is going to back down on fighting inflation and maintaining his kind of hawkish tone on the market," said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.
"If she (Lagarde) could lift the euro currency up, you might see some dollar weakness and that could boost gold," he added.
Silver was flat at $24.14 per ounce while platinum gained 1 per cent to $942.51. Palladium fell 0.6 per cent to $1,232.69.
Silver and platinum are also headed for their best week since July 14, while palladium was set for a second straight weekly decline.
Gold eases on firm dollar---
FE Team | Published: August 25, 2023 21:20:33
Gold eases on firm dollar---
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