MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches

MTECHTIPS-Gold slides as traders look ahead to Jackson Hole speeches

MTECHTIPS- Gold prices edged lower on Tuesday, as market players looked ahead to the annual meeting of top central bankers and economists in Jackson Hole, Wyoming later this week. Comex gold futures shed $7.50, or around 0.6%, to $1,289.15 a troy ounce by 3:05 AM ET (0705 GMT). The yellow metal logged its highest finish in nearly 11 weeks on Monday as tensions between the U.S. and North Korea came back in focus. An annual meeting of top central bankers and economists hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, is set to take place from Thursday to Saturday, with keynote speeches from Janet Yellen and Mario Draghi in the spotlight. Their comments will be closely watched for fresh policy signals from the world’s two most powerful central banks. Fed chair Yellen will speak on the topic of financial stability at 10:00 AM ET (1400 GMT) Friday. With minutes from the Federal Open Market Committee’s latest deliberations showing concern about soft inflation, she is not likely to give new guidance on policy. Markets remain skeptical the Fed will raise rates a third time this year due to worries over the subdued inflation outlook, but it is widely expected to start the process of reducing its balance sheet by September.
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