Gold prices edged up on Wednesday, supported by jitters over political uncertainty in the US ahead of a major central banking conference this week. Spot gold was up 0.2% to $1,286.77 an ounce at 9.26am GMT, after shedding 0.5% in the previous session. US gold futures were unchanged at $1,292 per ounce. "Gold’s kind of hanging in there before this Jackson Hole meeting. It is in a wait-and-see mode but we should have a better idea of direction by the end of this week," said Fawad Razaqzada, a technical analyst at Forex.com. "There can be an argument made for a bearish view on gold as this stage. If the dollar were to come back due to short covering and given the rally in US stocks we saw yesterday, the buck-denominated and safe-haven metal could fall out of favour." Markets are turning their focus to a meeting of central bankers in Jackson Hole, Wyoming, later in the week where Federal Reserve chairperson Janet Yellen and European Central Bank chief Mario Draghi are set to deliver spe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.