Gold prices were subdued on Friday, as investors adopted a cautious stance ahead of U.S. Federal Reserve Chair Jerome Powell’s speech at a key central bankers’ meeting, which will be listened to for guidance on interest rate hikes.
Spot gold edged 0.6% lower at $1,747.38 U.S. per ounce. U.S. gold futures were down 0.6% at $1,760.20.
Powell’s speech is due at 10:00 EDT on Friday at the Jackson Hole conference in Wyoming.
U.S. Fed officials on Thursday were noncommittal about the size of the interest rate increase they will approve at their Sept. 20-21 meeting, but continued hammering the point they will drive rates up and keep them there until inflation has been squeezed.
China’s net gold imports via Hong Kong jumped to a nine-month high in July, data showed on Thursday, with banks snapping up bullion as Beijing works to revive an economy hit by a resurgence of COVID cases.
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