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Last Updated : Aug 24, 2016 09:12 AM IST | Source: Reuters

Gold sits tight as investors wait for US rate hike clues

Amid conflicting signals from the Fed in recent days, central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Fed chair Janet Yellen due to speak the following day.


Gold was mostly unchanged early on Wednesday as investors remained on the sidelines waiting for clues from the US Federal Reserve later this week on whether it will raise rates this year.


FUNDAMENTALS


* Spot gold was nearly flat at USD 1,338.20 an ounce at 0059 GMT.

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* US gold slipped 0.3 percent to USD 1,342.60 an ounce.


* Amid conflicting signals from the Fed in recent days, central bankers from around the world will gather from Aug. 25 for an annual meeting in the mountains of Jackson Hole, Wyoming, with Fed chair Janet Yellen due to speak the following day.


* Data on Tuesday showed new US single-family home sales unexpectedly rose in July, reaching their highest level in nearly nine years as demand increased broadly, brightening the housing market outlook.


* The number of regional Federal Reserve banks calling on the central bank to raise the rate it charges commercial banks for emergency loans rose to eight in July, minutes from the Fed's discount rate meeting released on Tuesday showed.


* Surprisingly strong growth in France supported stable euro zone private business activity during August but factories could face a tougher September as new order growth stumbled, surveys showed on Tuesday.


* A failure of euro zone government to enact badly needed fiscal and structural reform could force the European Central Bank to ease policy further to meet its inflation mandate, Executive Board member Benoit Coeure said on Tuesday.


* Switzerland's gold exports to the United Kingdom hit their highest in nearly four years in July, customs data showed on Tuesday, making it the country the biggest recipient of Swiss gold for a fifth straight month.


* Switzerland's raw platinum imports more than halved month-on-month in July, data from the Swiss customs bureau showed, as shipments from No.1 producer South Africa dried up.


* Indian gold refiners just months ago were ramping up capacity and struggling to secure enough ore from miners. Now they are suspending operations as a surge in smuggled bullion wipes out wafer thin margins.



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First Published on Aug 24, 2016 07:56 am
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