Gold Retreats with Jackson Hole in Focus
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Gold slides below $1,800, as the dollar ticks up.
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Gold slipped 0.8% to $1,788.90 per ounce
Gold fell further below $1,800 on Wednesday as the dollar rose and investors hoped for a timeline for the US Federal Reserve's tapering of economic support at this week's Jackson Hole symposium.
Gold slipped 0.8% to $1,788.90 per ounce, while US gold futures settled down 1% at $1,791 an ounce at the end of the trading session.
Besides, gold prices rose more than 1% on Monday as a retreat in the dollar enticed investors to snap up the bullion following its recent sell-off.
Head Trader at US Global Investors Michael Matousek stressed that “the longer-term (gold) holders are on the sidelines right now until they get a little clarity out of the Jackson Hole.”
Additionally, silver eased 0.2% to $23.79 per ounce, while palladium shed 1.7% to $2,431.80, as platinum fell 1.6% to $995.59.
