Gold Prices Fell Ahead of the Jackson Hole Meeting

Gold prices fell ahead of the Jackson Hole meeting. Gold prices have been declining for the last three days.

The messages that FED (US Federal Reserve) Chairman Jerome Powell will give at the Jackson Hole symposium tomorrow are carefully awaited by the markets. It remains to be seen whether Powell will give signals on when and how asset purchases will be reduced in his speech. Even though the recent recovery in the economy and the rise in inflation seem positive for monetary policy normalization, increasing virus cases continue to threaten the economy. Nicholas Frappell, head of Sydney-based ABC Bullion, said: "Most experts are of the opinion that there will be clear guidance on asset reductions and future monetary policy... I think the price of gold will remain below $1,810 an ounce due to the upward movement in the dollar and the rise in the 10-year yield." Spot gold was down 0.2 percent at $1,787.54 an ounce at 12:23 pm in Singapore, while spot gold was down 0.7 percent yesterday. Silver, palladium and platinum are also declining today.