Gold may be quiet until Friday Central-Banker speeches
NEW YORK (Scrap Register): Gold may remain subdued until speeches at the end of the trading week from key central bankers, said INTL FCStone.
Commodities consultant Edward Meir describes the movement of prices for the yellow metal as all over the map over the past few days although generally not far below the $1,300-an-ounce mark.
“We suspect that the precious metal will likely not do much of anything until Friday, which is when we will be getting dueling speeches from European Central Bank Chief Mario Draghi and Fed Chair Janet Yellen at the Jackson Hole central-banking symposium,” Meir added.
“We could see gold possibly move higher if the two bankers reiterate their dovish views in light of concern that inflation data is running on the softer side of estimates,” he noted.