MTECHTIPS;-Gold prices cross above $1,300 at start of busy week

MTECHTIPS;-Gold prices cross above $1,300 at start of busy week

Gold prices crossed above the key $1,300-level on Monday, as the U.S. dollar sank to its lowest in more than a year after Federal Reserve Chair Janet Yellen’s speech at Jackson Hole made Yellen’s speech at the annual meeting of central bankers in Jackson Hole, Wyoming on Friday focused on financial stability while giving no hint on monetary policy, leaving the prospect of more interest rate hikes up in the air. She said the reforms put in place after the 2007-2009 financial crisis have strengthened the financial system, without impeding economic growth. The dollar index was down 0.1% against a basket of six major currencies at 92.38, adding to Friday’s losses. It fell to its lowest since early May 2016 at 92.30 earlier. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. Comex gold futures tacked on $5.30, or around 0.4%, to $1,303.30 a troy ounce by 3:05 AM ET (0705 GMT), not far from an eight-month peak of $1,306.90 touched earlier in August. Gold prices finished last week up 0.5%. The yellow metal has been well-supported in recent weeks as U.S. political developments kept investors on edge and supported safe-haven demand. Global financial markets will focus on this week’s U.S. employment report to gauge how it will impact the Federal Reserve’s view on monetary policy through the end of the year.
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