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Gold moderately declines in Asia as traders wait for Jackson Hole
On Wednesday, gold sank in Asia because market participants became cautious ahead of a gathering of key bankers this week in Jackson Hole, which might offer fresh cues on interest rates as well as unwinding stimulus efforts.
December delivery gold futures went down 0.02% in New York being worth $1,290.78 a troy ounce.
Overnight, gold went down, reacting to a rebound in the evergreen buck because market participants were still wary of initiating huge positions in the number one precious commodity ahead of a two-day key banking symposium this week.
On Tuesday, gold was unable to break $1,300 because the precious metal went down close to one-week minimums because a sag in US-North Korea tensions relieved safe-haven demand. Meanwhile, market participants shifted their attention to an approaching highly anticipated symposium of major bankers slated for Thursday that could offer clues on monetary policy changes.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.