Gold slips on firmer dollarArchive
LONDON: Gold prices drifted lower on Thursday, pressured by a firmer dollar as investors awaited signals on interest rates from central bankers meeting in Jackson Hole. Losses were limited, however, after a threat by US President Donald Trump to shut down the government unless he got funding for a border wall with Mexico.
Spot gold was down 0.1 per cent at $1,288.91 an ounce by 1400 GMT, after gaining 0.4pc in the previous session. US gold futures slipped 0.03pc to $1,294.30 per ounce.
“The market is pricing in the Federal Reserve’s actions at the Jackson Hole meeting and people are expecting some kind of tightening going on in that space,” said Richard Xu, a fund manager at China’s biggest gold exchange-traded fund, HuaAn Gold.
Published in Dawn, August 25th, 2017