Gold flat ahead of Fed's Jackson Hole symposium

Gold flat ahead of Fed's Jackson Hole symposium
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BENGALURU (Aug 26): Gold prices were flat on Thursday as investors turned cautious ahead of U.S. Federal Reserve Chair Jerome Powell's speech this week, which could provide cues to the central bank's tapering of economic stimulus.

Spot gold was flat at $1,790.63 per ounce by 0037 GMT. Prices fell 0.7% in the previous session, its biggest one-day decline in more than two weeks.

U.S. gold futures rose 0.1% to $1,793.00.

The dollar index was steady, while benchmark S&P 500 and the Nasdaq closed at all-time record highs overnight.

Powell is scheduled to speak at Fed's annual economic symposium at Jackson Hole, Wyoming, on Friday, where the markets will look for guidance on the central bank's plans to dial back its bond-buying program.

New orders for key U.S.-made capital goods were unexpectedly flat in July amid supply constraints and a shift in demand to services, suggesting that business spending on equipment could slow in the second half after robust growth over the past year.

German business morale fell for the second consecutive month in August, as supply bottlenecks and rising COVID-19 cases drove companies to take a dimmer view of the coming months in Europe's largest economy, a survey showed on Wednesday.

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.3% to 1,001.72 tonnes on Wednesday, its lowest level since April 2020.

Silver was little changed at $23.85 per ounce, while platinum was flat at $996.20.

Palladium eased 0.1% to $2,426.17.