GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
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.
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