Gold futures on Friday headed modestly lower ahead of much-awaited speech from Federal Reserve Chairman Jerome Powell near Jackson Hole, Wyo., which could provide some insights about health of the U.S. economy and the path of monetary policy — key drivers for commodities.
Powell is set to speak Friday at 10 a.m. Eastern Time.
Powell's speech comes after Kansas City Fed Esther George and the Philadelphia Fed President Patrick Harker, said on CNBC that they would like to hold interest rates steady.
December gold was off $2.80, or 0.2%, at $1,505.70 an ounce, after sliding 0.5% lower on Thursday. For the week, gold is set to fall 1.2% based on last Friday's settlement for the most-active contract. The commodity has booked a weekly gain in the past three weeks consecutively, FactSet data show.
Source : Marketwatch