Gold Under Pressure Ahead Of Jackson Hole

Published on Aug 26, 2021 11:11

COMEX Gold futures slipped today as a failure to hold above $1800 per ounce mark pulled the metal down amid positive equities. The US dollar index managed to hold around 93 mark, keeping Gold under check. Gold traders also preferred to cut their longs ahead of a key central banking meet. The market is waiting for the outcome of the Jackson Hole Fed`s annual Economic Policy Symposium, which is scheduled to be held by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming between August 26 and 28, 2021. Gold traders are worried that the tapering of US Fed`s monthly asset purchases may start this year. There will be some more clarity on the same following the Fed Chair Jerome Powell statements at Jackson Hole meeting. COMEX Gold futures are trading at $1789 per ounce, down marginally on the day.