Gold prices little changed in a low activity monday market.
Speaking at the annual symposium in Jackson Hole, Yellen said that against the background of improved economic conditions in the labor market, the probability of raising interest rates rose. However, she clarified that the next steps will be based on macroeconomic data. “Our decisions always depend on the extent to which the next data continue to confirm the Fed’s forecasts”, – said Yellen. Judging by the comments, if rates are not increased in September, it is expected to rise at a future meeting.
“The pressure on gold is likely to increase as approaching September, and market participants are now increasingly expect a rate hike”, – INTL FC Stone said.
In addition, data from Commodity Futures Trading Commission showed that in the week to 23 August, hedge funds and money managers increased their net long position in gold.
The cost of the August gold futures on COMEX fell to $ 1319.0 per ounce.