Gold is slightly cheaper, but traded in a narrow range in anticipation os Fed’s Janet Yellen speech tomorrow which could give clues about the prospects for US monetary policy.
Investors are hoping that Yellen will give a clear signal about the timing of interest rate increases, when she will speak on Friday at a meeting of leaders of the world’s central bankers in Jackson Hole, Wyoming.
Strong US employment data gave grounds to assume that rates could rise in September, although the views of officials of the central bank in the United States during the last session are divided.
“After the publication of the Fed meeting minutes the gold reacted very well, but after a few days there were comments of some officials, who believe that in fact the Fed has time to raise interest rates – said Capital Economics analyst Simon Gambarini -. This led to a decrease in the price of gold . Now all took a wait and see atitude for further comments, which will be able to move the market. “
CME FedWatch showed that the futures market estimates a 18 percent chance of the Fed hike next month, and about 50 percent in December.
The cost of the October futures for gold on the COMEX fell to $ 1317.4 per ounce.