Gold edges higher as focus shifts to central banker meeting

Remigio Civitarese
Agosto 24, 2017

Spot gold was up 0.3 percent at United States dollars 1,287.31 an ounce in early trade.

Gold prices edged up and moved closer to the $1,300 level on Monday, boosted by a flight to perceived safer assets as the war of words between the USA and North Korea returned to the fore.

"There can be an argument made for a bearish view on gold at this stage".

The greenback, as measured by the U.S. Dollar Index climbed by 0.5 percent as 1930 GMT.

Gold prices inched up on Wednesday as the dollar slipped after remarks by U.S. President Donald Trump raised fears of a government shutdown, while investors awaited further direction from a key annual central banking conference this week.

"Helping a little is a weaker dollar and softer Treasury yields". The precious metal trades lower on Tuesday morning ahead of Jackson Hole meeting starts on Thursday.

Stabilisation in the dollar curbed demand for gold, especially as U.S. bond yields moved higher with 10-year rates back above 2.20%.

"The most important thing is economic fundamentals".

Gold was also buoyed by new U.S. North Korea-related sanctions, targeting Chinese and Russian firms and individuals for supporting Pyongyang's weapons programs.

In other precious metals, silver went up 0.5 percent to United States dollars 17.01 an ounce.

Palladium lost 0.05 percent to $932, extending losses below Monday's 16-1/2-year high at $940.

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