Gold prices stayed on its level before Jackson Hole conference

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Gold futures remained steady on Friday while investors are waiting for the U.S. Federal Reserve’s annual central banker’s conference at Jackson Hole which is scheduled on this day.

Top central bankers in the world will meet at Jackson Hole and analysts are suggesting that they are all confident to the economic future of the United States to be healthily sustained. This will give way to the Bank of Japan (BoE) and the European Central Bank (ECB) to also wind down their crisis-era policies just like what the Federal Reserve did. ECB President Mario Draghi is set to speak at 1900 GMT and Fed chair Janet Yellen at 1400 GMT.

Central bankers are still disagreeing in terms of free trade and open borders as the key to prosperity, more employment and economic growth. Fed requested on the previous day that remarks on a plan for the Office of Financial Research and the New York Federal Reserve to result with reference rates, three preferably, that are based on repurchase agreements (repos) that are backed with U.S. Treasuries.

Looking on gold prices, U.S. gold futures traded close to the flat line to settle at $1,291.60 an ounce for its December delivery and spot gold remained on its level at $1,286.10 an ounce following its 0.3 percent decline last Thursday.

According to official figures that were released last Thursday, the net gold imports in China via main conduit Hong Kong edged up more than 2.3 percent for the previous month from June.

 

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