1. Gold eases ahead of Jackson Hole central bankers meeting

Gold eases ahead of Jackson Hole central bankers meeting

Gold nudged lower early Thursday, giving up some of its gains made after US President Donald Trump's threat of a government shut down, while investors began to focus on a major central bankers conference in Jackson Hole.

By: | Bengaluru | Updated: August 24, 2017 9:04 AM
gold, gold price, gold price today, spot gold, bullion, gold news, gold latest news, market, market news, financial express Spot gold slipped 0.1 percent to ,287.89 an ounce by 0101 GMT, after gaining 0.4 percent in the previous session. (Reuters)

Gold nudged lower early Thursday, giving up some of its gains made after US President Donald Trump’s threat of a government shut down, while investors began to focus on a major central bankers conference in Jackson Hole. Spot gold slipped 0.1 percent to $1,287.89 an ounce by 0101 GMT, after gaining 0.4 percent in the previous session. U.S. gold futures for December delivery were down 0.1 percent at $1,293.50 per ounce. Asian stocks edged up on Thursday, shaking off the risk aversion that gripped financial markets overnight after U.S. President Donald Trump’s threat to shut down the government, though the dollar remained sluggish. New U.S. single-family home sales unexpectedly fell in July, dropping to their lowest in seven months amid a surge in prices, raising concerns of a slowdown in the housing market recovery.

Euro zone business growth maintained a solid clip in August, driven by the best manufacturing performance in 6-1/2 years despite a strong euro, easily offsetting a mild slowdown in services growth, a key private sector survey showed on Wednesday. Unconventional monetary policy is a success, but gaps in understanding the relatively new tools remain, European Central Bank President Mario Draghi said on Wednesday, cautioning against hasty policy responses to the new reality.

The European Central Bank should quickly end asset buys next year as the outlook does not warrant the extension of its 2.3 trillion euro scheme, Bundesbank President Jens Weidmann said, weighing in on the biggest issue facing the ECB this autumn. Germany’s central bank has brought much of its gold reserve back to Frankfurt, the Bundesbank said on Wednesday, restoring a bulwark of economic stability the country had stashed away at the height of the Cold War.

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