Gold holds steady as focus turns to Jackson Hole summit

Analyts seeing a holding pattern until the remarks from Federal Reserve chair Jerome Powell at the Jackson Hole symposiumBengaluru — Gold prices were little changed on Thursday, holding above the key $1,500/oz level, as investors awaited the Federal Reserve chair’s speech at a global central bankers’ conclave for clues on future US interest rate cuts.US gold futures were down 0.4% at $1,510.10/oz.

Markets are now focused on Powell’s speech at Jackson Hole on Friday, for clarity on the direction of US monetary policy, especially after an inversion in the Treasury yield curve highlighted the risk that the US economy may fall into recession. Traders are also looking at the Group of Seven summit this weekend for clues on what additional steps policymakers may take to boost economic growth.

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