Spot gold prices are trading around unchanged levels Friday after posting some marginal losses during the previous session. Gold has been trading in a holding pattern for much of the week ahead of today’s much anticipated speech from US Federal Reserve Chairman Ben Bernanke at Jackson Hole, due to commence around 1400GMT. Prices in the precious metal remain reasonably firm despite an extended correction back seen in other risk assets during yesterday’s session. Spot gold remains above $1650 a troy ounce despite some analysts playing down the fact that Fed Chairman Ben Bernanke may not deliver the dovish comments today that longs of gold have been anticipating for a number of weeks. Spot gold has pared back slowly from the high of $1676.45 that was posted during Monday’s session, but the underlying bias in gold remains that the Fed will embark on some sort of stimulus measures over the coming weeks. Prices have been contained in a narrow range in Asia this morning, ahead of events and data from the US later today, falling back from just above $1657 to hold at session lows of $1652.86, now trading $1655.10.
EasyForexNews Research Team